For Payoneer, a global multi-currency financial platform, India represents not only a significant market but also a vital source of companies going international.
Devata mentioned that Indian entrepreneurs are proactively incorporating businesses in markets like Singapore, Dubai, Hong Kong, and the US to gain access to capital, customers, and credibility.
He emphasized that opportunities lie in partnering with these companies early, particularly as they make decisions regarding incorporation, taxation, hiring, and global expansion.
He categorizes Indian businesses into three segments: those already operating internationally, those on the brink of global expansion, and those primarily focused on the domestic market.
Payoneer sees the greatest traction in the first two segments, as companies seek assistance in building their financial infrastructure and scaling across borders.
However, the journey to becoming global is fraught with challenges. According to Devata, cross-border payments can be complex, especially for new businesses that lack established relationships and credibility in foreign markets.
This is where platforms like Payoneer come into play, he stated. Payoneer provides multi-currency virtual accounts to help businesses function more like local entities.
A major obstacle, he noted, is awareness. Many Indian businesses remain unaware of the international opportunities available to them or the financial tools that can facilitate their expansion.
In addition, assisting companies in scaling rapidly while keeping pace with their growth continues to be a challenge, particularly as they navigate different currencies, geographies, and regulatory frameworks.
Geopolitical changes and supply chain adjustments are further propelling this trend. With increasing tariffs and global uncertainties, businesses are diversifying their reach beyond traditional markets like the US and China.
Indian exporters, in particular, are exploring fresh markets across Europe, Southeast Asia, and East Asia, making flexibility and speed crucial.
From a sector perspective, digital trade remains a key driver.
India’s prowess in IT services remains prominent, encompassing developers, coders, marketing agencies, and outsourcing firms. At the same time, manufacturing and goods exports are gaining momentum, as global companies seek to diversify sourcing away from China—highlighting countries like India, Vietnam, Japan, and Korea.
On the product front, Payoneer is broadening its offerings beyond payments to include a comprehensive suite of services, such as payment gateways, working capital solutions, and workforce management tools.
These services are designed to assist businesses not just in global transactions but also in hiring talent and operating seamlessly across markets without the need for large on-ground teams.
Compliance, according to Devata, remains a core aspect of operations. As a regulated entity across various geographies, Payoneer prioritizes secure and compliant transactions while building trust with its customers.
The company also leverages AI to simplify complexity, enhance risk assessment, and enable smarter routing of cross-border payments, particularly in a diverse region like APAC.
Despite increasing competition in the cross-border payments sector, Devata noted that Payoneer’s extensive global reach across more than 120 countries and its ability to provide end-to-end solutions give it a competitive advantage.
India also serves a dual role for Payoneer as both a market for business and a burgeoning talent hub. The company is expanding its technology and engineering capabilities in cities like Bengaluru and Gurugram, underscoring the country’s significance in its global strategy.
Furthermore, the company collaborates closely with global marketplaces like Amazon, eBay, Etsy, and Airbnb, as well as with accountants and corporate service providers, to support businesses throughout their expansion journeys.
