Digital payments company Payoneer Inc. announced that they will partner with Mastercard to provide additional services and products targeted at the B2B market. The first product in this partnership will be the Payoneer Digital Purchasing Mastercard.
This card will enable Payoneer's customers to purchase globally, access several cards digitally and connect to mobile wallets. Businesses will be able to streamline expenses like advertising with Google, Facebook, and Amazon.
Charles Rosenblatt, Chief Strategy Officer at Payoneer said, “This partnership with Mastercard is an essential step in providing our customers with another easy way to access and spend their funds from marketplace sales and B2B commerce.”
Executive vice president of digital partnerships, Sherri Haymond commented on the announcement, “Small businesses will be empowered to choose how they pay and get paid and have immediate access to funds earned, which is critical as the demand for digital payments continues to accelerate.”
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Benefits of Payoneer's Digital Purchasing Mastercard
Through the card, businesses will have instant access to funds they have earned and will be able to purchase items anywhere the world that Mastercard is accepted. Virtual access to cards will give SMBs (small and medium-sized businesses) more options when it comes to how they process payments. Businesses will be able to get more than one card. By dedicating specific cards to specific services and expenses businesses can improve their expense management across platforms and product lines.
During the Covid-19 pandemic, the demand for contactless and digital payments has surged as the use of cash for payments has significantly declined. The partnership between Payoneer comes at this opportune time when the demand for such a service is at an unprecedented high.
The Payoneer platform specializes in cross-border payments and has more than 5 million users. It works with over 150 different currencies. Some of the platforms corporate customers include Amazon, Google, and Airbnb along with millions of SMBs.
At present, the Payoneer Digital Purchasing Mastercard will only be available for use in U.S dollar transactions in a limited capacity. The company has plans for a wider rollout in the latter half of 2021.
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Payoneer's plans to go public
Payoneer, which is based in New York City, announced that it will be going public last month. To go public the company will merge with SPAC, FTAC Olympus Acquisition group. The merger should be completed by June 2021. After the merger announcement, Payoneer was valued at USD 3.3 billion.
More about Mastercard
Mastercard is a multinational financial services corporation that is incorporated in the U.S. and has its headquarters in New York City. The corporation has been active since 1966 and in 2019 generated a revenue of over USD 16 billion.
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