Nuvei To Power Online Payments For Wplay
Latin American iGaming giant Wplay has partnered with Nuvei Corporation, which handles electronic payment processing, to handle its operations in Colombia. As of December 2020, Wplay holds the significant honor of being one of Colombia’s most successful iGaming operators. More than half of all iGaming transactions taking place in Colombia are through Wplay transactions. As such, this deal marks a significant move for Nuvei into the country.
Wplay users across Colombia will now be able to make payments in more than 450 different ways using the Nuvei Cashier payment solution. ©WorldSpectrum/Pixabay
What Is Nuvei?
Nuvei is a payment technology solution which integrates more than 450 different methodologies of payment into a single, slick platform. Users of Nuvei can pay with more than 150 different currencies, and the platform is currently live in 200 different markets around the world.
This year, Nuvei went public on the Toronto Stock Exchange. In mid-November, 2020, the company reported a 62% year-over-year increase in its overall volume, processing more than $11.5 billion globally. This was in comparison to $7.1 billion in processed payments for the third quarter of 2019, pre-pandemic.
Revenue also increased for Nuvei in the third fiscal quarter of 2020. During that time, Nuvei earned $93.6 million (USD), compared to $70.8 million USD during the same period in 2019. Overall, this marked a 32% year-over-year revenue increase for the company, signaling impressive growth during an otherwise challenging year.
Not Just Online Gambling
While Nuvei’s skillset makes it a natural fit for iGaming and eSports companies, that’s not all that Nuvei can do. In addition to a number of impressive partnerships across sectors of the international gambling industry, Nuvei’s payment solution is also implemented in the retail, banking, travel, and development industries, as well as others.
Nuvei’s Other Recent Gambling Affiliations
Wplay is just the latest gambling company to have partnered with Nuvei, and it’s far from the first. In November, Nuvei received permission from the West Virginia government in West Virgina, USA, to operate its platform in the sports betting and online gaming markets. Nuvei’s license was granted by the West Virginia Lottery Commission.
But this wasn’t Nuvei’s first time nailing down business in the US. About two months before getting a license to operate in West Virginia, Nuvei had received a sports betting vendor license from the Colorado Division of Gaming. Since launching in May of this year, Colorado sports betting has gone through the roof, likely meaning good business for Nuvei.
Partnership With Wplay Means Major Penetration In Colombia
Nuvei’s latest deal is a partnership with leading Colombian iGaming operator Wplay, which is responsible for more than half of all iGaming revenue in the country. This partnership means that Wplay players can use Nuvei’s unique Cashier system to pay in more than 450 different ways, which are equally sleek and efficient.
In a statement from Yuval Ziv, managing director of digital payments for Nuvei, he emphasized that the Nuvei Cashier system would be much appreciated by Wplay users. Some of the 450 different methods of payment accepted include local debit cards and other local payment options, offered in a totally secure and safe way.
Ziv emphasized that Nuvei’s technology keeps users extremely safe, which will likely be a great bonus for iGamers using the Wplay platform. According to a press release, Wplay paid close attention to Nuvei’s global reach when deciding to partner, and was particularly swayed by the sheer number of options offered in the Nuvei platform.
What Is Wplay?
Wplay was the very first company to receive a license to operate iGaming in Colombia, which was granted in 2017. Since then Wplay has become the leader of Colombian online gaming, even as close to 20 additional companies have received licenses to operate iGaming in the country and national iGaming revenue has skyrocketed.
Today, Wplay has more than 1.6 million players, which makes up more than 50% of the entirety of Colombia’s regulated online gambling market. In addition to a robust online offering, Wplay has more than 7,000 points of sale in land-based offerings in Colombia, as well as impressive partnerships with multiple prestigious sports teams.
Wplay’s Offerings
Wplay users have a vast array of options when perusing Wplay-branded content. In addition to more than 7,000 gambling machines in Colombia, Wplay offers online casino games and sports betting on more than 50 different professional sports. Players will also be happy to see titles from some of their favorite developers, such as Playtech.
Online Gaming In Latin America Is Skyrocketing
Even before the pandemic, online gambling in Latin America was consistently growing — and particularly in Colombia, where Nuvei has made its latest, savvy development. Some research has shown that the regulated online gambling market in Latin America is already equivalent to more than $2.1 billion (USD).
As iGaming Surges, Economy Falters
Though the online gambling industry has managed to earn impressively in the last several years in Latin America, economies across the continent are struggling tremendously under the weight of the ongoing pandemic. In mid-November, officials in Colombia announced that the fiscal deficit target would be raised to 8.9% of its GDP.
Prior to that announcement, the nation’s government leaders had aimed to maintain the fiscal deficit at 8.2% during 2020. In the same announcement, officials revealed that the nation’s economy was expected to shrink by 6.8% — a dire percentage, but less than Argentina, which is anticipating an economic contraction of 9.9%.
