#India #Bangalore #Cross-Border Payments #Payoneer

Payoneer Gains In-Principle Authorization in India

In a significant development for Indian small and medium-sized businesses (SMBs), Payoneer India Pvt Ltd, a subsidiary of Payoneer Global Inc., has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator - Cross Border (PA-CB). This milestone marks a pivotal step in expanding Payoneer's operations in the country, enabling it to facilitate both inbound and outbound transactions for its customers.

Enhancing Cross-Border Payment Solutions

The newly acquired authorization permits Payoneer to improve its product offerings for Indian exporters and importers. By providing end-to-end solutions tailored for cross-border transactions, Payoneer aims to streamline the experience for Indian SMBs, which will have access to a wider array of services, including accounts payable features alongside simplified onboarding procedures and KYC processes.

Rohit Kulkarni, CEO of Payoneer India, emphasized that this endorsement from the RBI not only reflects Payoneer's commitment to the Indian market but also acknowledges the company’s long-standing presence in supporting India's lucrative export economy. The company is now empowered to provide comprehensive payment solutions for businesses engaging in both inbound (import) and outbound (export) transactions.

A Growing Market for SMBs

According to the Indian Department of Commerce, the nation's export economy is projected to exceed $850 billion by 2026. With the PA-CB authorization, Payoneer aspires to tap into this growing market and assist Indian companies in expanding their global footprint. The firm boasts a robust network, servicing nearly two million active clients across more than 190 countries, showcasing its effectiveness in cross-border financial transactions. Over the previous year, Payoneer processed over $80 billion in transaction volume, indicating the substantial demand for its services.

Strengthening Global Infrastructure

Payoneer operates across key financial markets including the United States, Europe, the United Kingdom, Japan, Australia, and Singapore, which positions it favorably as a secure platform for SMBs seeking to transact globally. Tsafi Goldman, Chief Legal and Governance Officer at Payoneer, commented on the importance of this authorization in reinforcing the firm’s commitment to establishing a strong regulatory framework in India. This initiative coincides with Payoneer’s ongoing investment in local resources and expertise aimed at enhancing the operational capabilities of Indian SMBs.

With around 100 dedicated customer success managers fluent in over 20 languages, Payoneer is actively building meaningful relationships with its clients, thereby helping them to navigate the complexities of international business transactions. The expansion of Payoneer’s product suite in India is set to further bolster the capabilities of SMBs, enabling them to leverage global markets effectively and efficiently.

Conclusion

The recent authorization from the Reserve Bank of India significantly enhances Payoneer's regulatory standing and operational reach within the country. This pivotal moment is indicative of a larger trend toward digital transformation in financial technology, particularly in regions where SMBs are poised for growth. As Payoneer continues to evolve, it stands committed to empowering businesses globally, ensuring they have the necessary tools to thrive in a competitive landscape.

For more information on Payoneer's services and offerings, visit www.payoneer.com.