Cross-border payments companies depend on global connections to service their customers. One B2B payments firm, Payoneer, is working on building up its international reach and, this week, revealed the latest market to get looped into its network.
Payoneer said Monday (March 7) that its B2B online payments services are now available to businesses in India. SMEs, freelancers, startups and other corporate clients can now access the Payoneer portal to send and receive payments across borders.
“At Payoneer, we make it our mission to empower global commerce by enabling businesses and professionals to pay and get paid globally as easily as they do locally,” said Payoneer CEO Scott Galit. “Previously, Indian freelancers, online marketers and other professionals faced high fees and slower transfer times, and our cross-border payments platform directly addresses these challenges.”
The move into India follows Payoneer’s partnership with local Indusland Bank, assuring that operations remain compliant with national regulations. The firm will commence operations in its new market next month, according to reports.
Payoneer said that, already, more than 10,000 SMEs in the country have expressed interest in using its services.
“We are working to build a presence in India, enabling small businesses to sell to clients in foreign markets, receiving payments in real time at cheaper rates,” added Galit. “India will be a strategic investment for the company this year.”
The executive added that Payoneer is focused on long-term growth and, therefore, is not releasing specific figures as to its projections from launching in India.
Payoneer’s FX rate for Indian SMEs to convert funds to their local currency will be at 2 percent, Galit said, noting that this makes Payoneer’s services about 90 percent cheaper than some of its rivals.
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