Payoneer Inc., a leading online payments company transforming the way businesses send and receive cross-border payments, has expanded its presence in India, enabling Indian freelancers, online marketers and other professionals to receive international payments quickly, efficiently and inexpensively.
Payoneer developed this payment solution in accordance with Indian regulatory requirements, and it enables U.S. and European companies to connect more easily into the expansive market of Indian talent.
Payoneer enables professionals and business owners in India to receive overseas payments in multiple ways, including real-time payments from the world’s leading freelance marketplaces including Freelancer.com, PeoplePerHour and 99Designs. In addition, they can invoice customers in the U.S. and Europe using Payoneer’s US/EU Payment Services to receive payments from other clients via ACH transfers in the U.S. or Euro transfers in the EU. On receipt, the funds are automatically transferred to the user’s personal or company bank account in Indian Rupee (INR), and can be delivered to any bank account in India in as fast as four hours. This new offering reduces the fees incurred when receiving cross-border payments into India by up to 50 percent compared to PayPal.
“At Payoneer, we make it our mission to empower global commerce by enabling businesses and professionals to pay and get paid globally as easily they do locally,” said Scott Galit, CEO of Payoneer. “Previously, Indian freelancers, online marketers and other professionals faced high fees and slow transfer times, and our cross-border payments platform directly addresses these challenges.”
According to the Payoneer Freelancer Income Survey 2015, Indian freelancers make an average of $19 per hour, which is significantly higher than the average wages for most professions in the country.
“As the new Mary Meeker Internet Trends report shows, India is the world leader in Internet user additions per year, up 63 million in 2014 with 65 percent of traffic through mobile,” said Chitraparna Sinha, Founder of Esmee Network, a leading New Delhi-based digital marketing agency with a global client-base. “The Indian market is producing more highly skilled professionals than ever before and this greater connectivity is changing lives and opportunities for businesses worldwide. Payoneer’s launch in India comes at the right time. Its reliable and secure platform saves money in cross-border transactions, prevents dubious payment possibilities and empowers freelancers and entrepreneurs to work in a conducive environment without worrying about payments."
“The freelance market in India is one of the largest in the world, with hundreds of thousands of talented freelancers providing outstanding service to companies of all sizes worldwide,” said Galit. “We see the world becoming a place where resourcefulness, talent and hard work matter more than location, and we’re thrilled to empower more Indian professionals and global businesses to grow with a flexible, simple and cost-effective payments platform.”