Mangopay expands local payouts with five new currencies

By Divya Shah

Why it matters: The expansion reflects growing demand for localised payment infrastructure as digital platforms scale globally. By enabling domestic payouts in multiple currencies, Mangopay has helped businesses reduce FX costs, improve payout speed and simplify operations. The move also highlights the increasing importance of cross-border payment efficiency in the FinTech industry.

Global wallet infrastructure provider Mangopay has expanded its local payout capabilities by adding support for five new currencies: Australian dollar (AUD), Hong Kong dollar (HKD), Singapore dollar (SGD), Mexican peso (MXN), and Turkish lira (TRY). 

The expansion has allowed platforms to route payouts to sellers, service providers and other beneficiaries through local payment rails instead of international transfers. 

 By enabling payouts in the same currency in which funds are held, foreign exchange conversions have been reduced or avoided. This has helped platforms lower costs, speed up payment processing and provide a more localised payout experience. 

Managing payouts across multiple countries often involves separate banking relationships, integrations and operational processes. With the expanded payout coverage, these complexities have been simplified, allowing platforms to manage payments across more markets through a single global infrastructure. 

According to Mangopay, growing international businesses have increasingly required efficient ways to move funds across different markets while handling varying banking systems and payout requirements. The company said the new local payout capabilities were introduced to help platforms reduce their dependence on cross-border transfers and improve payment efficiency. 

The move has been supported by existing demand in these markets. Over the past 12 months, Mangopay processed more than 15,000 payouts worth around £61 million (€70 million) across the five newly supported currencies, highlighting increased adoption of local payout services among platforms and marketplace businesses.