Payoneer’s Cross-border payment platform serves over 15,000 SMBs  in Punjab

Growth in global opportunities in SME sector through efficient cross border payments   Increased adoption of Digital Economy led to growth in Freelancing opportunities Punjab showing faster recovery in cross border SMB transactions than national average


Payoneer’s Cross-border payment platform serves over 15,000 SMBs  in Punjab: Payoneer, a leading cross border digital payment platform for SMEs, empowers businesses to grow globally. Over 4 Lac businesses and individual freelancers India are registered with Payoneer and use its services to receive payments from international clients.

Payoneer’s Cross-border payment platform serves over 15000 SMBs in Punjab

Payoneer also helps these businesses gain market access with selling on more marketplaces and giving them the ability to bill  in over 200+ markets.

Ecommerce Sellers, Freelancers and the likes of IT services providers using Payoneer grew their business multifold in the past 4 years. Some SMB trends of 2020 are as below.

Trends observed by Payoneer included following highlights:

1.  Rise of Gig Economy due to virtual workspaces

Ranked as the 2nd fastest growing freelance market in the world, India’s freelance economy currently has over 15 million+ freelancers. With entrepreneurship on the rise and rapid changes in employment methods, Work from Home and remote work have seen unprecedented surge in demand for Gig workers. We have seen incremental adoption of freelancing as a long-term career and virtual mode of working has gained greater prominence, especially during and post the lockdown.

With virtual workspaces gaining more prominence during the pandemic the gig economy has seen an exponential increase. Rohit Kulkarni, Vice President, Payoneer said, “Now, Indian talents in fields like Search Engine Marketing, Content writing, product designing or IT development are not bound by geographical limitations which has resulted in newer opportunities for this segment”.

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Indian freelancing segment saw a 19% growth in income in Q3 2020. Freelancers from Punjab have been at the forefront and have beaten the national growth rates. Freelancer volumes from Punjab surpassed 27% in this period. IT services clusters in Mohali saw the fastest jump in IT outsourcing volumes in Punjab.

Efficient payments have led to simplification in cross border freelancing. Shanky Gupta, Founder of Softuvo- a leading Mohali based tech solutions provider in web, software, and mobile app development for various industries, highlights the importance of simplified payments in their cross border services business “Payoneer has been a reliable online transaction provider partner. Dealing with international clients is much easier and has simplified all our client’s transactions across the globe,”  

2. Resurgence of Cross border eCommerce growth post lockdown

In 2020, India was amongst the top 10 growth markets for cross border eCommerce. Post lockdown, a lot of businesses adopted cross border eCommerce channels. Clusters like Mohali, Amritsar and Chandigarh saw the highest volume in Punjab clusters for cross-border eCommerce volumes. Punjab saw an impressive jump of over 40% in Q3 as compared to Q2 in cross border eCommerce, leading much above the national average growth of around 20% in Q3. Amritsar experienced the fastest recovery of Cross border eCommerce. Interestingly, Mohali, Amritsar and Chandigarh were recorded as the top three Cross Border eCommerce clusters in Punjab. With a significant 41% growth  in cross border eCommerce volume in Punjab, there has also been a 10% increase in cross border eCommerce sellers in the state (Q3 v/s Q2).

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Highlighting cross border eCommerce as one of the biggest opportunities seen by Indian sellers Rohit Kulkarni, Vice President, Payoneer said, The ecommerce industry took a big blow due to supply lines being severed at the start of the pandemic. While sellers were not able to send shipments regularly from March 2020 to July 2020, we did see sellers recover sales from July onwards. The good thing is that they have now seen a steady rise back to normal during the peak season of October 2020 to December 2020. During this time Payoneer worked with ecosystem partners like Logistic, warehousing and other ecommerce service providers to prioritize Payoneer sellers, help them with domain expertise and increase capacity so that  they could serve their consumers better. Payoneer created customized programs like  SellerExpress for merchants from Punjab to educate them of the benefits of cross border eCommerce.

Know More About Payoneer

Payoneer’s mission is to empower businesses to go beyond – beyond borders, limits and expectations. In today’s digital world, Payoneer enables any business of any size from anywhere to access new economic opportunities by making it possible to transact as easily globally as they do locally. Payoneer’s digital platform streamlines global commerce for millions of small businesses, marketplaces and enterprises from 200 countries and territories.  Leveraging its robust technology, compliance, operations and banking infrastructure, Payoneer delivers a suite of services that includes cross-border payments, working capital, tax solutions, risk management and payment orchestration for merchants.  Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world’s leading digital brands like Airbnb, Amazon, Google and Upwork, Payoneer makes global commerce easy and secure.  Founded in 2005, Payoneer is profitable and has a team based all around the world.

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