Payoneer, a cross-border business payment services provider, aims to leverage its global marketplace partnerships and adopt a localized approach to expand in India, amid the country's rapidly growing service export market. According to Gaurav Shisodia, Vice-President and Spokesperson for Payoneer India, the company views India as a priority market with strategic significance due to its booming service export sector.
India's service export market is expanding rapidly, and Payoneer plans to capitalize on this momentum, catering primarily to outsourcing, service export businesses, and small and medium businesses (SMBs). Shisodia highlighted that the company is strategically positioned to respond to the increasing demand in sectors like tech and programming, digital marketing, software-as-a-service (SaaS), e-commerce exporters, and marketplace sellers.
To strengthen its presence in India, Payoneer plans to leverage its partnerships with global marketplaces such as Amazon, Airbnb, Google, Upwork, and SaaS companies. Additionally, the Nasdaq-listed company, which went public in 2021, is focusing on a customer-centric approach to further drive its local growth.
Payoneer reported impressive growth in India's service export businesses, with customer growth increasing by 54% from 2016 to the end of 2023. Shisodia noted that businesses in India's service export sector using Payoneer's platform have experienced compound annual growth rates (CAGR) of 85% in volume and 88% in revenue as of December 31, 2023. The average revenue per user (ARPU) has risen by 22%, with major hubs like New Delhi, Ahmedabad, Bengaluru, Mumbai, Hyderabad, Pune, and Surat hosting the highest concentrations of service export businesses on Payoneer's platform.
