Payoneer, an online money transfer and e-commerce payment services provider, has forayed its presence into India by offering cross-border payments for businesses.
The company’s payment solution will allow Indian freelancers, online marketers and other professionals to receive international payments quickly, efficiently and inexpensively.
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Developed in line with Indian regulatory requirements, the new solution enables US and European companies to connect more easily with Indian professionals and freelancers. It will also reduce the fees incurred when receiving cross-border payments into India by up to 50% compared to PayPal.
The company allows professionals and business owners in India to receive overseas payments in multiple ways, including real-time payments from global freelance marketplaces including Freelancer.com, PeoplePerHour and 99Designs.
With Payoneer’s US/EU payment services, professionals can also invoice customers to receive payments from an alternative client. The received payments will be sent to the user’s personal account in Indian Rupees (INR) in less than five hours.
Payoneer CEO Scott Galit said: "Previously, Indian freelancers, online marketers and other professionals faced high fees and slow transfer times, and our cross-border payments platform directly addresses these challenges."
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By GlobalDataAccording to a Payoneer Freelancer Income Survey 2015, Indian freelancers make an average of $19 an hour, which is much higher than the average professional wages in the country.
