- Payoneer says it has received 400% rise in sellers who come on board with its cheap money transfer services
- Firm also says it will increase its focus on India in the coming years and will expand what it calls “working capital solutions”
- “We have no other charges except a 2% forex fee. We are 50-60 percent cheaper than the other payment providers”, emphasises Payoneer’s global head
International online money transfer service Payoneer has announced figures showing enormous levels of growth in users on its platform.
Payoneer, which is a business to business platform, revealed that it has seen a 400% rise in the number of merchants joining its ranks.
The 2019 financial year in particular saw levels of growth triple, with the rise believed by the company to be sustainable and likely to continue into this financial year too.
Payoneer has been operating in India since 2016, meaning that it has had time to establish itself as a key market player.
The firm, which was founded in 2005 and is based in the US, allowed one of its vice presidents to give an interview to the publication IBS Intelligence.
In this wide-ranging interview, Rohit Kulkarni, Payoneer’s Vice President and Regional Head, South Asia, Middle East, and North Africa, said that there would be a focus on India in the coming months.
“Besides, providing online money transfer and digital payment services, we are also looking to provide working capital solutions for its sellers in India soon”, he explained.
He divulged an interesting insight into the world of e-commerce, which Payoneer operates in.
“India was the only market that witnessed growth in e-commerce sales during the quarter”, he said, referring to the first quarter of 2019 in particular.
This is likely to be due in part to a rise in the number of exports offered by Indian businesses, which has risen significantly in recent times.
However, it may also be to do with improved payments infrastructure.
Payoneer is a successful and well-known brand around the world. It was first set up fourteen years ago in New York by successful entrepreneur, Yuval Tal. Now, it offers its remittance services in 200 nations around the world. It operates in almost as many currencies too. It provides its services not just to established businesses but also to freelancers and has developed a pricing structure which reflects this. According to Kulkarni, this is one of the key selling points of Payoneer.
“We have no other charges except a 2% forex fee. We are 50-60 percent cheaper than the other payment providers. Low pricing is important but we are bringing in more value-added services that are attracting the sellers”, he said.
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