Digital payments firm gears for expansion after posting huge growth in PH

By Espie Angelica A. de Leon

After just one year of operation in the Philippines, digital payments company Payoneer has reported remarkable growth in the country where it services the local freelancing industry and is now turning to other markets and launching new products to further cement its presence both nationally and regionally.

Payoneer regional exec Miguel Warren speaks during the media roundtable discussion at Discovery Primea Hotel in Makati City on Oct. 5

Payoneer regional exec Miguel Warren speaks during the media roundtable discussion at Discovery Primea Hotel in Makati City on Oct. 5

Since opening in the Philippines in 2016, the New York-based firm which offers fast payments and low-cost solutions, has posted a 359% growth in monthly payment volume and a 375% increase in the number of active monthly users.

Meanwhile, its billing service year-to-date payment volume is 327% greater than its entire 2016 volume.

“On the back of the strong results that we’ve seen, the local Payoneer operation is now set to become a regional hub to work with countries in Southeast Asia as well as certain countries in South Asia such as Pakistan, Bangladesh, and Sri Lanka,” said Miguel Warren, Payoneer regional head for Southeast Asia, Bangladesh, Sri Lanka and Pakistan, during a press event in Makati on October 5.

“We’ve seen amazing growth in online freelancing, e-commerce sellers, and service providers in these countries and we’re looking to leverage the local team and the business processes that we’ve put into place to be able to scale our operations,” he added.
But before making it as a regional hub, Payoneer, whose Philippine office is its first in Southeast Asia, is slated to further grow the business locally by tapping other markets such as the BPO industry, online small and medium enterprises, and e-commerce sellers.

Citing its Payoneer Plus program, Warren said the company designed it to suit the needs of emerging service providers and BPOs, especially the growing ones. Payoneer Plus has no membership fees and offers low transaction fees and a preferential exchange rate.

Among its users are True Online Logic Solutions, Cloud Jedi, Performance 360, Stratton Press, and Link Vista Digital, many of which are located outside Metro Manila.

The company is also set to launch Australian and Canadian currency receiving accounts allowing clients to receive funds from Australia and Canada.

Likewise, it recently upgraded the limits of its billing service solutions so clients can now receive up to $10,000 per transaction via credit cards, a huge leap from the initial $2,000 per transaction.

“As businesses grow, their billing needs grow and their clients start to pay them more money,” explained Warren. “So recognizing that, we’ve adjusted to enable these small providers to now receive up to $10,000.”

By offering an alternative to costly wire transfers and card payment processing solutions, Payoneer has transformed how businesses and professionals send and receive cross-border payments.

“Payoneer allows me to save a generous amount of cash, which I can use as bonuses to inspire and motivate my agents to work hard,” said Virtual Business Solutions founder Johanna Capili.

“It is also the fastest provider available,” said Virtual Workforce Professionals CEO and founder Leif Brian Margallo, “We withdraw in the morning and receive our earnings in evening.”

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