US-based online payments company Payoneer to tap UP market

Eyeing traditional industrial hubs in the state

US-based online payments company Payoneer is looking to tap the large Micro, Small and Medium Enterprises (MSME) base in Uttar Pradesh.

Payoneer provides cross-border online payments solutions to businesses in over 200 countries.

"UP is a big market and its major cities are associated with specific traditional industries, such as Lucknow is known for Chikan, Varanasi is famous for Banarasi Sari, Meerut for sports goods etc," Payoneer India country manager Rohit Kulkarni said here on Friday.

He said the company, which received its India license in 2015, was now expanding base in the country and was in the process of customising its services for Indian enterprises, especially small and family owned units.

Kulkarni said Payoneer provided fund transfers from companies worldwide to local bank accounts in Indian Currency at lower costs, almost 70% cheaper than nearest competitors.

Meanwhile, the company is in the process of forging tie-ups with industry bodies in major industrial hubs of UP to engage with businesses and create awareness about its services.

Founded in 2005 and headquartered in New York, Payoneer is venture-backed and ranked in the top 100 of Inc 5000's Financial Services companies. It has 12 offices worldwide, including Bangalore.

"The payments ecosystem in India is witnessing a gradual but steady shift, supported by the onset of consolidation amongst existing market participants and the entry of flexible payment solution providers," he noted.

Kulkarni claimed not only was Indian market underserved, it was yet to reach the levels of penetrations of other emerging economies in terms of smartphones and broadband connectivity, which meant huge untapped potential.

Prominent corporations viz. Airbnb, Amazon, Getty Images, Google, and Upwork relied on Payoneer's mass pay-out services, he informed.