This article was originally published on TipRanks.com.
Canadian electronic payment processing company Nuvei Corp. (NVEI) (TSE:NVEI) has partnered with digital payment services provider Visa (V) for the launch of crypto-friendly debit cards.
Based out of Montreal, Nuvei offers payment technology solutions like mobile payments, online payments and in-store payments. Its shares closed 2.2% lower on Monday but regained nearly 2% in the extended trading session to end the day at $59.40.
Partnership and Launch Details
Nuvei has launched the Visa-branded debit cards through its subsidiary Simplex for its partners in the European Economic Area and the U.K.
The new cards make use of Nuvei’s Simplex Banking to simplify the fiat-to-crypto off-ramp and on-ramp process. (See Insiders’ Hot Stocks on TipRanks)
Further, the company has utilized its Visa Principal Membership and EMI license to enable its partner firms to spend crypto wherever Visa is accepted.
The Chair and CEO of Nuvei, Philip Fayer, said, “The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings. With this program, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”
The CEO of Simplex, Nimrod Lehavi, said, “Thanks to Visa, we have created a straightforward and simple program that is tailored to the crypto industry in terms of compliance, risk, time-to-market and costs.”
Overall, the stock has a Strong Buy consensus rating based on 8 Buys and 1 Hold. The average Nuvei price target of $128.87 implies nearly 121% upside potential. Shares have lost around 18% over the past six months.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Nuvei’s performance.
According to the tool, compared to the previous year, the company’s website traffic registered a 124.5% rise in global visits in November. Moreover, the website traffic has increased 68.1% year-to-date against the same period last year.
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