Today, leading global wallet infrastructure provider Mangopay announces the expansion of its local payout capabilities to five additional currencies across APAC, Latin America and EMEA: Australian dollar (AUD), Hong Kong dollar (HKD), Singapore dollar (SGD), Mexican peso (MXN) and Turkish lira (TRY).
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The expansion enables platforms to route payouts to sellers, service providers and other beneficiaries through domestic payment rails, rather than relying on international transfers. By enabling payouts in the same currency in which funds are held, platforms can avoid foreign exchange conversions, reduce costs and deliver faster, more locally relevant payout experiences.
As platforms expand internationally, managing payouts across multiple markets can require additional banking relationships, integrations and operational processes. Mangopay's expanded local payout coverage helps simplify this complexity, enabling platforms to manage payouts across more markets through a single global payment infrastructure.
Andy Wiggan, CPO, Mangopay, says: “As businesses expand internationally, the need to navigate different currencies, banking systems and payout requirements can add complexity and cost. Our research found that 37% of enterprise platforms identified country-specific payout restrictions as a compliance challenge, highlighting the operational difficulties businesses face as they scale across markets.
“By expanding our local payout capabilities across APAC, Latin America and EMEA, we're helping platforms simplify how they move funds internationally, reduce their reliance on cross-border transfers and deliver faster, more cost-effective experiences for sellers and service providers.”
Over the past 12 months, Mangopay has processed more than 15,000 payouts worth approximately £61 million (€70 million) across these five currencies combined, demonstrating existing demand for payout services in these markets. The news complements Mangopay's wider global payment infrastructure, including its recently expanded Virtual Accounts offering, which enables platforms to collect funds in 24 currencies.