Sunday, March 3, 2024

US-based online payments firm Payoneer enters PH market

By Edd K. Usman

A United States-based online payments company has formally entered the Philippine market, saying it see bright business prospects ahead.

Online payments firm Payoneer has tapped local exec Miguel Warren as its first country manager
Online payments firm Payoneer has tapped local exec Miguel Warren as its first country manager

A takeoff from the word “pioneer,” Payoneer is based in New York with its financial tentacles spread in many parts of the world.

The fintech firm said it has millions of users from over 200 countries and territories around the world. It provides cross-border payments through marketplaces, as well as directly between buyers and sellers using over 150 currencies.

The firm’s targets in the country are small businesses and freelance professionals. “Payoneer has long recognized the rapidly growing outsourcing and export market in the Philippines,” it said.

The company cited the 2015 ?World Bank Global Opportunity in Online Sourcing? report, noting the worldwide “online outsourcing industry is set to generate revenues in the range of $15 to $20 billion by 2020.”

Also in the same report, Payoneer noted that the Philippines makes up 18.6 percent of the global online business process outsourcing (BPO) workforce, making the country one of the top five countries for online sourcing.

That’s one of the reasons the firm established a local branch headed by Miguel Warren, Payoneer’s pioneer Philippine country manager.

Among the company’s client organizations include global leaders, such as Google, Amazon, Upwork, and Airbnb.

With its footprint in Manila, Payoneer will be able to offer even better services to freelancers and creative outsourcing professionals, not to mention the increasing number in the Philippines of small and medium enterprises (SMEs) in the IT and BPO industry.

“We offer many innovative ways to get paid (for their services) and many innovative ways to use the payments. We also offer match better rates and much higher foreign exchange (than the competitors),” Warren said.

He said Payoneer is really excited for the ?opportunities to empower Filipino freelancers, online entrepreneurs, and small businesses that are receiving funds from abroad.”

Patrick de Courcy, Payoneer head for Asia Pacific, said the company’s “reason for being is to help small businesses take part in the global economy and the network economy and be able to export all over the world and get paid for their exports.”

De Courcy noted in a separate interview what Payoneer sees as huge potentials for the Philippines, saying their firm offers Filipinos opportunities to get paid for their services in a way that is very simple and cost-efficient for them but also very convenient for their clients.

Warren noted what it described as “a big hurdle” receiving international business payments for small businesses and freelance professionals.

“With all the global opportunities in online business, the last thing Filipino freelance professionals, online entrepreneurs and SME BPOs needs to worry about is getting paid by their international clients,” he said.

“Payoneer can provide them with fast, flexible and low-cost solutions that will help them scale their global businesses,” Warren assured.

Scott Galit, CEO of Payoneer, emphasized his company’s mission of giving power to small business owners and entrepreneurs in the Philippines and push them to grow their business and realize their potential.


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