EditorialsPH Digital and Tech

Digital Payments Firm Payoneer Opens in Philippines Takes Aim at Banks and PayPal

unbox-172-payoneer-feat

Here’s some good news for online entrepreneurs and freelancers looking for an alternative to Paypal. Digital payments company Payoneer has just set up shop in the Philippines a few days ago. If you’ve been on the fence in trying Payoneer, then maybe a local office might convince you now to give their services a go.

“The platform has evolved over the decade and now we’re really built out as a full-fledged all-in-one solution for business-to-business cross-border payments,” said Johnny Steel, Payoneer’s Global Vice President for Marketing, at the recent inauguration of their office in Bonifacio Global City last September 22.

 Payoneer's Country Manager for the Philippines, Miguel Warren (left) and its global Vice-President for Marketing Johnny Steel celebrate the opening of its new Philippine office in Bonifacio Global City on September 22. Photo by Chris Schnabel/Rappler
Payoneer’s Country Manager for the Philippines, Miguel Warren (left) and its Global Vice-President for Marketing Johnny Steel celebrate the opening of its new Philippine office in Bonifacio Global City on September 22. Photo by Chris Schnabel/Rappler

“That really shows where our focus lies. There are plenty of other good solutions there that handle the consumer side like Paypal, but we’re focused on business payments, especially those that need to make transaction across different countries,” Steel added.

A report from the firm found that the Philippines already comprises 18.6% of the global online workforce, and is part of the top 5 countries for online outsourcing.

unbox-172-payoneer-3
A comparitive study between different methods of cross border payments from the Philippines. Image from Payoneer.

Online freelancers, online marketplace sellers can get payments from their clients using Payoneer’s platform. Payoneer also offers billing services for direct clients and global receiving accounts, which allows payment schemes in local currencies, without the need for an international wire transfer. Once paid, the online entrepreneur or freelancer can withdraw the funds by linking their Payoneer account to a Philippine bank.

Payoneer also features a debit card that customers can use to withdraw cash from ATMs or use for Internet shopping in Mastercard-accepting online shops. Payoneer users can also use that debit card to pay other freelancers and suppliers using their account funds.

Source: Rappler, Payoneer

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button