Payoneer payment service target market determination

Likely objectives and needs

A Consumer who operates a business which involves international payments being made to it
and who wishes to make payments to other service providers or other businesses.

Likely financial situation

A Consumer who has a global business which they wish to be able to receive and make
international payments for.

Payoneer provides eligible users the Payoneer Payment Service to allow such users to receive payments for the settlement of commercial transactions in multiple currencies through their “Payoneer Account”. If eligible, Payoneer will allow its users to fund the balance of their Payoneer Account from their own bank account.

The Payoneer Account is designed for businesses and allows businesses to withdraw or use funds in their Payoneer Account:

1. by withdrawing or transferring funds to a designated bank account pre-approved by Payoneer.
2. to make value-added tax (VAT) payments to VAT authorities in certain countries and territories
3. to transfer to the Payoneer Account of another Payoneer registered user for settlement for goods or services received.
4. to pay Payoneer’s pre-approved corporate clients or transfer funds to other preapproved third parties such as business applications and other platforms used by the customer, by authorising them to debit from a customer’s Payoneer Account balance directly.

Separately to the Payoneer Payment Service, Payoneer also provides access to the Payoneer Commercial Debit Mastercard and the Payoneer Corporate Purchasing Mastercard.

Payoneer considers that the product (including its key attributes) is likely to be consistent with the likely objectives, financial situation and needs of Consumers as it provides the means for Consumers to receive funds from international sources and use such funds for their business needs.

Any distributor must only market and promote the product through:

1. advertising through media (including social media), physical marketing materials (such as banners, brochures or flyers) and any other marketing material available to the general public; and
2. any other Payoneer approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Payment Service is wide.

Any distributor must only engage in retail product distribution conduct (other than general advice):

1. only through:
   a) the distributor’s digital platform (such as their website or mobile app) and other Payoneer approved third party digital platforms; and
   b) any other Payoneer approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Payment Service is wide and it is the most appropriate method for Consumers within the target market to obtain the product. Such conduct poses limited risk to Consumers.

Payoneer, and any distributor of this product, must cease retail product distribution conduct in respect of this product as soon as practicable, but no later than 10 business days after Payoneer determines a material event or circumstance has occurred in relation to the following:

A distributor that engages in retail product distribution conduct in respect of this product must provide the following information in writing to Payoneer within 10 business days after the end of each reporting period unless indicated otherwise below:

Payoneer reserves the right to amend the TMD at any time if such amendment is needed as a result of any changes to the law or regulations, regulatory guidance or for any reason Payoneer considers as a proper reason to amend the TMD.

Likely objectives and needs

A Consumer who operates a business and is receiving payments to his Payoneer Account for his business activity, and who wants to be able to make purchases in point of sales and withdraw funds received in this manner at an ATM by using a physical debit card when applicable.

Likely financial situation

A Consumer who has a global business which they wish to be able to make purchases for and withdraw funds for by using a debit card.

PEL provides eligible users the Payoneer Business Premium Debit Mastercard Card which allows its customers to access and utilize funds allocated for use with the Card anywhere the Card is accepted around the world and (if such Card is in a physical form) to withdraw funds at ATM’s worldwide.

PEL considers that the product (including its key attributes) is likely to be consistent with the likely objectives, financial situation and needs of Consumers as it provides the means for Consumers to access and utilize funds from a card to make payments

A distributor must only market and promote the product through:

1. advertising through media (including social media), physical marketing materials (such as banners, brochures or flyers) and any other marketing material available to the general public; and
2. any other PEL approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Business Premium Debit Mastercard Card is wide.

A distributor must only engage in retail product distribution conduct (other than general advice):

1. only through:
   a) the distributor’s digital platform (such as their website or mobile app) and other PEL approved third party digital platforms; and
   b) any other PEL approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Business Premium Debit Mastercard Card is wide and it is the most appropriate method for Consumers within the target market to obtain the product. Such conduct poses limited risk to Consumers.

PEL, and the distributor of this product, must cease retail product distribution conduct in respect of this product as soon as practicable, but no later than 10 business days after PEL determines a material event or circumstance has occurred in relation to the following:

A distributor that engages in retail product distribution conduct in respect of this product must provide the following information in writing to PEL within 10 business days after the end of each reporting period unless indicated otherwise below:

PEL reserves the right to amend the TMD at any time if such amendment is needed as a result of any changes to the law or regulations, regulatory guidance or for any reason PEL considers as a proper reason to amend the TMD.

Likely objectives and needs

A Consumer who operates a business and receive payments for their business activity via their Payoneer account and who wants to be able to use funds received to make purchases in point of sales and withdraw funds at an ATM by using a physical card when applicable.

Likely financial situation

A Consumer who has a global business which they wish to be able to make purchases for and withdraw funds for by using a debit card.

Payoneer Inc provides eligible users the Payoneer Corporate Purchasing Mastercard which allows its customers to access and utilize funds allocated for use with the Card anywhere the Card is accepted around the world and to withdraw funds at ATM’s worldwide.

Payoneer Inc considers that the product (including its key attributes) is likely to be consistent with the likely objectives, financial situation and needs of Consumers as it provides the means for Consumers to access and utilize funds from a card to make payments.

A distributor must only market and promote the product through:

1. advertising through media (including social media), physical marketing materials (such as
   banners, brochures or flyers) and any other marketing material available to the general public; and
2. any other Payoneer Inc approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Corporate Purchasing Mastercard is wide.

A distributor must only engage in retail product distribution conduct (other than general advice):

1. only through:
   a) the distributor’s digital platform (such as their website or mobile app) and other Payoneer Inc approved third party digital platforms; and
   b) any other Payoneer Inc approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Corporate Purchasing Mastercard is wide and it is the most appropriate method for Consumers within the target market to obtain the product. Such conduct poses limited risk to Consumers.

Payoneer Inc, and the distributor of this product, must cease retail product distribution conduct in respect of this product as soon as practicable, but no later than 10 business days after Payoneer Inc determines a material event or circumstance has occurred in relation to the following:

A distributor that engages in retail product distribution conduct in respect of this product must provide the following information in writing to Payoneer Inc within 10 business days after the end of each reporting period unless indicated otherwise below:

Payoneer Inc reserves the right to amend the TMD at any time if such amendment is needed as a result of any changes to the law or regulations, regulatory guidance or for any reason Payoneer considers as a proper reason to amend the TMD.