Payoneer to adopt localised approach for expanding user base in India | Company News

Payoneer reported revenue of $240 million in the second quarter of 2024, representing 16 per cent growth

2 min read Last Updated : Sep 25 2024 | 3:44 PM IST

Cross-border business payment services provider Payoneer looks to leverage its global marketplace partnerships and take a localised approach to expand its reach in India amid “rapid expansion” in the country’s service export market.

According to Payoneer India Vice-President and Spokesperson Gaurav Shisodia, India is a priority country for Payoneer and holds a strategic position.

India’s service export market is expanding rapidly and Payoneer looks to capitalise on this expansion, he said, adding that the company primarily caters to outsourcing and service export businesses and small and medium businesses (SMBs).

Payoneer is well-positioned to capitalise on this expansion and would strategically respond to the strong surge in businesses in the domains of tech and programming, digital marketing, software-as-a-service (SaaS), e-commerce exporters, and marketplace sellers’ sectors, Shisodia said.

As part of measures to expand its reach in India, Payoneer looks to leverage its global marketplace partners like Amazon, Airbnb, Google, Upwork, and SaaS companies, he explained.

The Nasdaq-listed company is also taking a localised and customer-centric approach, he added.

The global cross-border payment services provider, which went public in 2021, said that customer growth in service exports has been impressive, with a 54 per cent increase from 2016 through the end of 2023.

“Businesses in India service exports on our platform have seen outstanding growth, with volume and revenue witnessing CAGRs of 85 per cent and 88 per cent respectively as of 31st December 2023,” Shisodia said.

The average revenue per user (ARPU) in India service exports has increased by 22 per cent on the platform, and New Delhi, Ahmedabad, Bengaluru, Mumbai, Hyderabad, Pune, and Surat host the highest concentration of its service export businesses, he said.

Payoneer reported revenue of $240 million in the second quarter of 2024, representing 16 per cent growth year-over-year. Its net income was $32 million in the June quarter.

As of June 30, 2024, Payoneer had approximately 2 million total active customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 25 2024 | 3:44 PM IST

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}