PayFuture has been granted an agent Electronic Money Institution (EMI) licence by UK regulator, the Financial Conduct Authority (FCA). With this licence, PayFuture says it is poised to deliver a comprehensive suite of localised payment products and methods. The aim is to offer convenience and efficiency in an increasingly digital world.
According to PayFuture, a combination of its technology platform and its understanding of online merchant’s needs, enables businesses to access untapped markets effortlessly.
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The agent EMI licence positions PayFuture as a trusted and regulated entity. The company can issue electronic money, facilitate digital payments, money disbursements and offer a range of other payment services. This further enhances its ability to meet the evolving needs of online businesses.
PayFuture: profitable since launching in 2009
Founded in 2019, PayFuture says that it has been a profitable business from its first year. Specifically, it has scaled organically without any external funding. It now offers local payment services in over 40 countries. PayFuture has helped hundreds of businesses around the world process over $2bn of transactions.
Businesses use PayFuture’s proprietary “Emerging Market Entry Methodology” (EM2) to accept and disperse payments quickly and seamlessly in emerging markets.
The agent EMI licence achievement follows PayFuture launching 11 direct solutions in new countries within the past 6 months. It has also achieved PCI Level 1 compliance, the highest level of compliance and payment security standards merchants can comply with to securely store, transmit, and process credit card information.
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By GlobalData“We are delighted to have been granted the agent EMI licence. This is a significant achievement. It showcases our dedication to excellence in the payments industry,” said Manpreet Haer, CEO and Co-Founder of PayFuture.
“This milestone is a testament to our team’s quality and hard work, as well as our unwavering commitment to providing solutions that have previously not been available to merchants, resulting in net new profits for them. We are excited to continue pushing boundaries and revolutionising the way people do business in underbanked emerging markets”.
