Payoneer Eyes Indian Service Export Market for Rapid Expansion

Payoneer aims to leverage global marketplace partnerships and adopt a localized approach to rapidly expand its reach in India's growing service export market. Focused on outsourcing, service exports, and small to medium-sized businesses, Payoneer has seen significant growth metrics and plans strategic actions to capitalize on emerging opportunities.

Payoneer, a cross-border business payment services provider, is aiming to broaden its reach within India, capitalizing on the country's swiftly growing service export market. The company's strategy involves leveraging global marketplace partners and a localized approach.

Gaurav Shisodia, Vice-President and Spokesperson for Payoneer India, emphasized the strategic importance of India for the company. According to Shisodia, India's service export sector is expanding at a rapid pace, and Payoneer plans to tap into this growth, primarily serving outsourcing, service export businesses, and small to medium-sized businesses (SMBs).

As part of its expansion, Payoneer intends to utilize its partnerships with global marketplaces such as Amazon, Airbnb, Google, Upwork, and SaaS companies. In addition, the Nasdaq-listed company, which went public in 2021, is adopting a customer-centric approach, noting a 54% increase in customer growth in service exports from 2016 to the end of 2023. The company saw revenue of USD 240 million in Q2 2024 and reported a net income of USD 32 million for the same period, with its active customer base totaling approximately 2 million as of June 30, 2024.

(With inputs from agencies.)