Payoneer, a worldwide cross-border payment services company, is well-equipped to follow a localized approach to drive user acquisition growth in India after the country’s service export market grew quickly.
“It’s a strategic country for us, and it’s one of our priorities,” said Gaurav Shisodia, Vice-President and spokesperson for Payoneer India. As India’s service export sector has grown faster, Payoneer sees the growth opportunity and hopes to grow further as the outsourcing, service export, and SMB sectors grow. It focuses on taking on growing new businesses in sectors like tech, digital marketing, SaaS, e-commerce, and marketplace.
Payoneer has visualised its use of partnerships with global marketplaces such as Amazon, Airbnb, Google, and Upwork to grow further. Shisodia further clarified that the same would accommodate this expansion only if further operationalization of a localized approach is created with a customer-centric approach.
As reported, the firm, listed on Nasdaq, has announced strong customer growth besides a 54% increase in service exports through the end of 2023 from 2016. Shisodia credits businesses using Payoneer’s platform as having seen “enormous growth”; their volume and revenue have compound annual growth rates of 85% and 88%, respectively. The average revenue per user for India’s service export segment is up 22%.
Other cities that feature this service export business platform as one of the most important in the country include New Delhi, Ahmedabad, Bengaluru, Mumbai, Hyderabad, Pune, and Surat. In this quarter’s second 2024 financial report, Payoneer declared revenue of $240 million, a 16% year-over-year growth rate, and a net income of $32 million. Payoneer had about 2 million active customers as of June 30, 2024, which puts the company well-positioned to succeed in the Indian market.
