Payoneer aims to expand in the UK following this approval while continuing to offer its products and services to customers in the market. After operating in the country with its EU license until now, the company applied for an EMI after the UK authorities announced the decision to close these temporary permissions.
The EMI will allow the company to offer multiple financial products to its customers, such as different payment services and transaction methods. Payoneer will also be able to accept clients’ money while providing them with the benefit of services related to electronic sums. The company will provide its products without having the possibility to manage users’ funds.
Payoneer has already regulatory approvals in the US, Hong Kong, Japan, Ireland, Australia, and India. The company needed the license in the UK following the country’s exit from the EU, where organisations and businesses can passport and offer licenses for cross-border operations and transactions. The process of payments merged through Payoneer is made in a secure, compliant, and controlled platform that is supervised by regulators around the world at any time, making the services and solutions provided by the company more efficient for its clients.
American financial services company, Payoneer provides its users with multiple tools and solutions, such as an online money transfer service, digital payment services, as well as a working capital. Customers have the possibility to manage their funds and make payments and transactions with their Payoneer account, while working in multiple industries, including digital markets, wholesales, IT outsourcing services, or online sellers.
In December of 2022, the company received its in-principle approval as a Major Payment License holder from the Monetary Authority of Singapore (MAS). After the license was received, Payoneer was allowed to provide additional payment services to its users, including mass payout and card offerings to companies and businesses from Singapore. This empowered organisations of any size with the needed resources in order to improve their development process in the new global economy.
Earlier in the same month, Payoneer announced its partnership with Shopify, PayGlocal, and Tazapay. The focus of the collaboration was set on improving cross-border commerce for merchants and traders in India.
As approximately one in five merchants sell internationally to an average of four international markets, the partnership followed Shopify’s goal to promote cross-border business by enabling companies to have payments and transactions received with hassle-free procedures, decreasing transaction fees, and making the overall process more secure. The deal was set to add over 80 new payment methods to Shopify's platform to deliver better conversion and expand the acceptance of international payments.
In June, Payoneer partnered with Linnworks to provide merchants with more payment options. This enables retailers to make payments to suppliers within their Linnworks purchase orders while keeping an eye on their accounts using Payonne. As a result, traders had the possibility to reduce cross-border fees and globalise their business while getting paid locally.
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