In this article, I am going to tell you about the Payoneer
- What is Payoneer?
- Payoneer Servics
- History of Payoneer
- How to create an account on Payoneer in Pakistan etc.
What is Payoneer?
America introduced Payoneer as Financial Services Company that provides online transfer, and digital payment services and it also provides customers with Capital services. An era inspired by openness and interconnectivity. Where anybody, from everywhere, has the ability to participate in and flourish in a single digital economy as a global citizen. Exponential complexity is the result of infinite possibilities.
New systems, strange laws, and unknown risks are all part of this borderless world of an open business. These unknowns generate stress and doubt, and destroy the confidence that underlies the entrepreneurial spirit at its core.
Account holders can use an e-wallet, a virtual bank account number in a local currency, or a reloadable prepaid MasterCard debit card to send and receive money.
The money received can either be withdrawn to a bank account or redeemed using the Payoneer debit card online or at point of sale.
The organization develops and manufactures cross-border B2B payments. Its cross-border bank transfers, online payments, and refillable debit card services are available in 200 countries and territories and more than 150 local currencies.
Payoneer is being used by companies like Airbnb, Amazon, Google, and Upwork to send large payments all across the world.
It’s also used by ecommerce marketplaces like Rakuten, Walmart, and Wish.com freelance marketplaces like Fiverr and ad networks to connect these companies with publishers based outside of their domestic country.
It collaborates with Getty Images, I-Stock, Pond5, and others in the content development area, as well as in the freelance economy.
It has a 320-person customer service team that supports 4 million customers in 70 languages and 150 different currencies.
History of Payoneer
Payoneer was introduces in 2005 with $2 million in entrepreneurs from Yuval Tal, who was the founder and CEO of the company at the same time, and other private investors. In 2007, Carmel Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity and Nysa Partners led an additional $4 million in funding, with additional investors including Carmel Ventures, Crossbar Capital, Ping An, Wellington Management, Susquehanna Growth Equity and Nysa Partners.
Payoneer has raised around $265 million from investors since 2005.
Armor Payments, an internet escrow organization, was bought by the corporation in March 2016. The aim of that organization was the market for B2B transactions between $500 and $1,000,000 in which credit cards and letters of credit are insufficient. It also started collaborating with Linio, a Latin American e-commerce platform.
In August 2016, the company expanded its mass payout service to include an automated tax form service.
Technology Crossover Ventures invested $180 million in the company in October 2016, bringing the total capital to $234 million.
In 2017, China Broadband Capital (CBC) also invested in Payoneer. In 2017 and 2018, Payoneer was named as CNBC’s 40th and 13th most disruptive companies, respectively. Payoneer acquired optile, a German payment orchestration platform, in December 2019. Wire card EUR receiving accounts on Payoneer can only receive payments from official payment sources as of January 6, 2021.
Although Wire card AG has been bankrupt since June 25, 2020, the EUR receiving account is serviced by Wire card Bank AG, which is not involved in the insolvency procedures. By requesting a Citibank EUR receiving account, users can receive money from other sources.
How to create account on Payoneer in Pakistan
There are few steps to create Payoneer account which are given below:
⦁ Get Started
It includes your personal details i-e
⦁ Full Name
⦁ Email address
⦁ Date of birth exact according to id card
⦁ Full residential address same on id card
⦁ Phone number which is used for verification as well and Bank) etc
⦁ Contact Details:
In this step you have to fill the following requirements:
⦁ Choose the country in which you are living
⦁ Complete and correct Address.
⦁ City/Town name.
⦁ Postal or Zip Code of your city.
⦁ Active Mobile Number for verification.
⦁ Enter the code that you will receive on your phone in “Verification Code” textbox.
⦁ Click NEXT.
⦁ Security Details:
Now you have to provide your security details i-e:
⦁ Your Username which is your Email
⦁ Choose a Security Question and enter the answer
⦁ Click NEXT
⦁ Almost Done:
This is the final step of Payoneer account creation in which you have to put your remaining information and submit your application. In this step, the following requirements must be fulfil to complete this process:
⦁ Your local Bank Account
⦁ Your “Bank Country” means where your local bank is located.
⦁ Currency of your country.
⦁ Your Bank Name
⦁ Account Name/Title of your Local Bank
⦁ Enter the IBAN(International Bank Account Number)
⦁ Tick “I agree to Pricing and Fees.”
⦁ Click NEXT.
After this, you will be redirected towards congratulations page and you will be able to sign up your Payoneer account. Once you successfully login your account, you can also apply for Payoneer master card which is just like other master cards. This master card is electronically accepted worldwide.