Fintech start-up Payoneer partners with Mastercard ahead of $3 billion public offering

Digital payments company Payoneer is partnering with Mastercard to offer small businesses a digital payments card.

The Payoneer Digital Purchasing Mastercard will allow the company’s customers to make global purchases, connect to mobile wallets and digitally access multiple cards that help streamline business expenses, such as advertising services from Google, Facebook and Amazon.

“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,” Sherri Haymond, Mastercard’s executive vice president of digital partnerships, told CNBC.

The deal between Payoneer and Mastercard comes amid an unprecedented surge in the demand for contactless and digital payment solutions during the Covid-19 pandemic, which has benefited technology giants like Apple as well as fintech companies including Square and PayPal.

There are more than 5 million users on Payoneer’s platform, and the company works with more than 150 different currencies, specializing in cross-border payments.

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Source: Fintech start-up Payoneer partners with Mastercard ahead of $3 billion public offering