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Payoneer, a global cross-border business-to-business payments company, expects strong growth in the Indian market in the coming years as it goes about getting the foundation built, its visiting CEO Scott Galit has said. The New York-headquartered cross-border fintech, which commenced operations in India in August last year, will in the second half this year roll out its Payoneer Forum in the Indian market, Galit told BusinessLine .
Plans are afoot to roll out Payoneer Forum — a flagship event organised in 60-70 cities worldwide — in Bengaluru, Hyderabad and Delhi, he said.
The idea of the Forum is to bring together entrepreneurs and business owners of small and medium businesses for a day of learning — discovering new opportunities, marketplaces and new ways to grow business and attain new skills.
“The Payoneer Forum also plans to bring marketing and brand experts so that businesses can understand what they need to do to shape themselves as a credible partner of a US client and grow the business,” Galit said.
Galit said Payoneer, which provides solutions for professionals and businesses to send and receive payments globally, has made “great progress” so far in the Indian market, and is “excited” about the growth prospects here. The firm currently provides its services to businesses in over 200 countries and territories. “Our main role in India is to help small and medium businesses here succeed in the global stage and make them aware of the opportunities and provide them the tools. We want to help you (SMEs) succeed; if you do, we grow along with you,” he said.
Cross-border B2B payments have become more common, and merchants are looking for the most convenient, cost-efficient and transparent options. This is driving more of these transactions to the web and mobile channels (as against traditional agent- and bank-based options), and digital payment service providers like Payoneer are looking to make the most of this trend
Cross-border spendThe total online cross-border spending in India stood at $15 billion in 2016. In 2015, the total value of B2B payments in India was estimated at $20 billion.
E-banking and international cards are the two payment methods used for cross-border transactions in India. While 75 per cent of the volumes happen through international cards, the remaining 25 per cent is accounted for by e-banking.
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