Global subscription payments are now being powered by a collaboration between Nuvei and Zuora.
Nuvei, a global payment solutions provider, has announced a strategic integration with Zuora, a leading monetization platform for modern businesses. The integration aims to bring together Zuora's leading monetization platform with Nuvei's global acquiring footprint, offering a robust payments infrastructure to accelerate growth in both established and emerging markets.
The integration is expected to simplify recurring payments for international enterprises, potentially improving reconciliation and increasing authorization rates. It may also facilitate market expansion without the need for multiple local integrations or PSP relationships.
The Subscription Economy, which is projected to grow significantly, is a key driver of this integration. According to recent projections, the global transaction value of the Subscription Economy is expected to increase from $593 billion in 2024 to $996 billion by 2028, representing a growth of approximately 68% over this period.
This growth is driven by several factors, including the increasing adoption of subscription and recurring revenue business models across industries, consumer behavior shifts towards "access over ownership" for digital services, and advancements in subscription billing management, automation, and payment technologies. Enterprises leveraging these models show faster revenue growth compared to traditional companies, with Zuora’s Subscription Economy Index companies growing revenue 11% faster than the S&P 500 in recent years.
In parallel, the Subscription Billing Management Market itself is projected to grow from approximately $6.83 billion in 2024 to $24.65 billion by 2033, at a compound annual growth rate (CAGR) of 15.33%. This expansion indicates an infrastructure that is growing to support the Subscription Economy's growth.
The integration also includes local payment method support and real-time transaction optimization, particularly in growth markets like Latin America. Consumer demand for subscription services is accelerating in Latin America, according to Nuvei.
Phil Fayer, Chair and CEO of Nuvei, stated that enterprise merchants are focusing on recurring revenue models, and payments are crucial for delivering seamless, localized experiences at scale. Daniel Enekes, VP of Strategic Partnerships and M&A at Zuora, mentioned that this partnership is a significant step in scaling the global reach of Zuora's monetization platform.
The partnership between Nuvei and Zuora reflects Nuvei's continued momentum in serving the enterprise segment with an expanding portfolio of platform integrations, merchant-of-record capabilities, and direct local acquiring in over 50 markets worldwide. This integration empowers enterprises to scale subscription, usage-based, and hybrid offerings with the agility, compliance, and local payment sophistication needed to succeed worldwide.
The integration is expected to support complex, high volume businesses with agile, modular payment solutions, making it easier for international enterprises to navigate the growing Subscription Economy.
References:
- MarketsandMarkets
- Zuora Global Subscription Economy Index
- Subscription Insider
- Business Wire
- Business Insider
Read also:
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- Innovative Garments and Accessories Producing Energy: Exploring Unconventional Sources for Renewable Power
- Latest Automotive Update, August 13: Introducing Ola Electric's latest scooters, MG Windsor EV sales hitting new highs, Mahindra BE 6 teaser unveiled, and more...
- Digital Commerce Giant Clips Unveils Its Latest Offering, Clip Ultra, Fortifying Its Dominance in Mexico's Market
