PayFuture secures UK agent EMI license to further grow payments business across frontier markets
“We are excited to continue pushing boundaries and revolutionising the way people do business in underbanked emerging markets”.
PayFuture has secured an agent Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in a milestone for the British fintech payments company.
Founded in 2019, PayFuture has helped businesses process over $2 billion in transactions, and have almost tripled their profits since the first year in operation.
“Revolutionising the way people do business in underbanked emerging markets”
Manpreet Haer, CEO and Co-Founder of PayFuture, said: “We are delighted to have been granted the agent EMI licence, a significant achievement that showcases our dedication to excellence in the payments industry. 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”.
The agent EMI license will help the firm to further scale operations and expand coverage of its already comprehensive suite of localized payment products and methods.
As a trusted and regulated entity, PayFuture will be able to issue electronic money, facilitate digital payments, money disbursements and offer a range of other payment services.
PayFuture operates in over 40 countries
Today, the company offers local payment services in over 40 countries. Businesses use PayFuture’s proprietary system “Emerging Market Entry Methodology” (EM2) to accept and disperse payments quickly and seamlessly in emerging markets.
The agent EMI license comes on the heels of PayFuture launching 11 direct solutions in new countries within just the past 6 months, as well as becoming PCI Level 1 compliant which is the highest level of compliance and payment security standards merchants can comply with to securely store, transmit, and process credit card information.
This progress represents significant leaps in the company’s mission to transform from being a payments technology platform to becoming the largest payments processor supporting businesses looking for local payment options across the world’s emerging markets.
