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Paying the World with Payoneer

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Payoneer
Payoneer: a leading light in the 'echnological golden age paradigm

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Payoneer
Payoneer: a leading light in the ‘echnological golden age paradigm

We are living at a time when technology is making what was once cumbersome and tangible, virtual and instant. This is not without its problems, of course. The ‘cloud computing revolution’ is still in its infancy and the planet’s reliance on all things Internet-based puts a huge onus on remote systems and their implementation – the recent Sony and Google hacking highlight the importance of ever greater online security and accountability. But, the few current incidents aside, it’s easy to sit for a moment and ruminate on how much better everything has gotten in the last decade due to the Internet and its multifarious functions: information gathering, socializing and, of course, business.

This ‘technological golden age’ we may be living through doesn’t start and end in the advanced western world either. I’ve been struck recently by how such a staid necessity as banking is being revolutionized and is, indeed, revolutionizing developing countries in Africa, South America and India. People in a rice field are now able to move money from their accounts, order supplies, organize delivery and pay suppliers, and all from a phone. The traditional banking model has been superseded by the ideas of a few pioneering technologists, and the outcome is only beginning to be felt.

One of the aforementioned leading lights in this new paradigm is a company called Payoneer. An elegantly simple idea turning the notion of queuing at a bank, dealing with lengthy, nightmarish call centers and writing checks (do people still do that?) even more redundant. Payoneer’s model is to provide pre-paid (and individually branded) MasterCard® card’s to customers who then give them to employees or affiliates which can ultimately be paid safely online – much like ‘topping up’ a transport or phone card. It’s that simple. The beauty is also that the reach of payment is, of course, global in scope. Anyone can pay or receive payment anywhere in the world, thus eliminating traditional banking (and its fees for transactions) altogether. What people like Richard Branson or Bob Diamond don’t realize when they’re trying to revitalize a lagging and reviled industry is that people don’t want a re-brand when it comes to banking. They want the process, like going to the dentist, to be fast and painless; the less visible, the better.

Payoneer is the brainchild of Yuval Tal, a twenty-year veteran in the business of online payment innovations. E-commerce has come quantum leaps in the last decade, moving along with the latest advances in technology and enabling new markets to flourish that were hitherto hampered by the sluggish requirements of the banking industry. Although, in the vitally important emerging markets of India and China, many people still don’t have bank accounts, so something like Payoneer enables a small business to move from the idea at its inception, to establishing a payment chain globally, with speed and reliability.

Yuval Tal began developing his e-commerce innovations over a decade ago with his former company, FiftyOne, one of the first companies to provide services that enabled American retailers to sell and market merchandise around the world in the customers’ local currency. After the success of FiftyOne, Tal established Payoneer and is now continuing to challenge the notion that moving currency has to be cumbersome and costly. And with the current climate of mistrust for the financial sector, it’s the perfect time to effectively control your own finances with the ease that Payoneer offers.

The benefits of the Payoneer model are also helping small businesses to use affiliates to strengthen their brand and generate more revenue. If an individual is able to connect with customers and works on a commission basis, his sales will be recognized by the parent company much faster, which will strengthen the overall brand. In this current climate, speed is essential for businesses to thrive in a marketplace that is increasingly reliant on online services. The term ‘global marketplace’ was essentially just an idea a decade again, without the means yet to become a reality. Now innovative business ideas like Payoneer are enabling that notion to become a reality for anyone, anywhere, with a business idea large or small, and access to the Internet. Safe, effective movement of currency will provide a new generation of global entrepreneurs the means to grow in ways that were unavailable even just a few short years ago. The business of business just became so much easier.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]

 
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William R. Feins , freelance journalist from London, UK; he received his B.A. degree in Economics and his Masters in Sociology. William has always been interested in the mechanics of business and the inspiration of original thinkers, and firmly believes that the former can’t succeed without the latter. In his spare time, he enjoys the ridiculous spectacle of watching table tennis on a big screen (preferably at a pub) and reading weighty tomes about World War II.

28 COMMENTS

  1. Payoneer seems to be an alternative of the very familiar Paypal payment processor. As the above discussed features it seems to be much better than paypal and can be used for all financial needs. Also we will have to look at the security features provided by this. I think there should be a two step login for this site.

     
  2. With the presence of technology and all its advantage, Payoneer comes to make life so much easier for those who avail of its services. It helps reach those that are not being reached by the other companies. I think this is really an excellent company.

     
  3. In the present technological world, we try to make best use of those which reduce our work and enables to finish it faster. Payoneer purpose and its benefits are really admirable which is simple to use. For business people like me, this is needed for our fast, easier and reliable transactions.

     
  4. This could be a solution to colleagues who have difficulty having or “lazy” with a credit card. So this card can be used for verification while to withdraw use U.S. Bank. Everything is easy to make, but the fee was to be doubled. Pay fee to Payoneer and U.S. Bank.
    Does not have a solution that is 100% perfect. But still feel a lot better than not at all.

     
  5. seems like a good system, although quite similar to paypal. Would have been great to see something about the fee structure without having to actually to to Payoneer’s site. Overall from what is described it seems like a very good system worthy of trying.

     
  6. Very well written article with accurate information. I’ve heard of Payoneer before and I hope it surpasses the giants PayPal, AlertPay someday. Judging from Payoneer’s website and this article, it seems that the company is motivated enough to achieve its goals, so all we have to do is wait and see how it all plays out. Again, nicely written article! It sure made me think about the future.

     
  7. I think this company Payoneer is made in order to lessen the amount of effort of businessmen or some other entrepreneurs.Because as we all knew our world is not friendly anymore the amount of money is becoming scarce and because of this people tend to use force as of crimes to get money quickly even bank are rob due to the fact that someone needs money.This Payoneer could be the alternative fro credit card for me.

     
  8. payoneer seems like good way of doing online transaction without involving risk of cash or check.we can say it is somewhere close to alert pay and paypal but more advanced then them.just security question is most important.

     
  9. Payoneer is growing at a speedy level and might be a good alternative. It has the potential and with Yuval Tal brilliant idea it will go up always.
    payoneer have alots of benefit and is more secure and better than other. I think one day it will lead the marjket.

     
  10. These are very valuable considerations. Those who have tasted the straining proceedure of traditional banking transaction, will have a broad smile infont of their PC Desktop just carrying on the digital transaction of money and sppedy delivery of goods with all recorded messages and information accessible to check. If Payoneer is better than PayPal in the process of transaction so much the better.

     
  11. I have heard about it, They uses top of the line security so there will be no problem in terms of hacking. Its is also convenient to use. It can also be use to verify our paypal account but I think you can’t withdraw your paypal using this.

     
  12. Looks like payoneer will be taking over paypal soon. Would have been great to read about fee structure and some what on security as well. Overall a very good description and worthy of giving a try.

     
  13. Nr. Yuval Tal is genius! The global market needs a real effective and safe way of transferring and moving currencies and Payoneer is exactly the answer. Payonner is safe, easy, simple and sure so this solves all problem I believe.

     
  14. I should say, Yuval Tal is a genius! The global market needs a real effective and safe way of transferring and moving currencies and Payoneer is exactly the answer. Payoneer is safe, easy, simple and sure so this solves all problem I believe.

     
  15. With every growing e-commerce and banking, Payoneer is a very effective, convenient and innovative means to fulfill the needs of this modern banking system.

     
  16. Nice forward-looking post!

    For now there are more and more easy paid tools for our daily life expense. Google NFC, etc, even Paypal are seem out of date.

    I just want to know if there is any method that when I Pay with Payoneer or Google NFC, and i can get the money. So I paied more, and I can get more.

     
  17. today technologies have developed a lot so payoneer seems like good way of doing online transaction without involving risk of cash or check . its a good way . payonner is safe , easy also very safe . so i love this a lot . i hope this will be best in future .

     
  18. I nevere heard about paynooer before here. By reading the article i came to know what it is. The basic funtion is similar to paypal but the work is different. The security concern i don’t think is much to talk as no one can guarranty a full secure syste. I hope it grow and flourish in future.

     
  19. Hi, recently I had a worst experience while handling money transfer through one of the payment system. I was searching for another alternative and I think this suits best for me and my requirements. Payoneer has got lots of features which highly facilitates a smoother transactions.

     
  20. I haven’t heard of Payoneer before. So, this is a pleasant surprise that a system like this do exist. Better than Paypal which gives a lot of inconveniences to other members in some areas in the globe. If what you have written here, are all correct, then, this is the kind of system that we, online users, have been waiting for. Though Payoneer seems new but it is very promising. This is indeed the answer to a lot of payments dilemma in the worldwide web.

    Kudos for this well written and very informative article.

     
  21. Being the brainchild of Yuval Tal,Payoneer will definitely catch the attention of many as an alternative to Paypal.The fact that it can be used globally for payments and transactions makes it an easy solution to many countries which do not support Paypal.I had never heard of Payoneer before reading this article but I am thankful that I came across this today or else I would have known it much later.I have problems with the fees and security of Paypal and would be glad to switch over to Payoneer.

     
  22. I’ve been using payoneer services for over a year now , Imao it is the best online payment solution I can get so far. I can use it virtually anywhere
    and their customer support service is very attending. Thanks to Yuval Tal for for coming out with this genius idea. 🙂

     
  23. This Payoneer service sounds like Paypal without the fees and based on a credit card instead of an online account. I like it. With Paypal (which is currently the fastest and most global money sender in the mainstream market) it can take a days to receive one’s money and to transfer it to one’s bank account. However it sounds like one receives money instantly with Payoneer and that is a serious advantage! It is also nice how the bank is made optional with Payoneer.

    I don’t know if Payoneer will replace banks completely. Some people like saving money in the bank for the interest it collects. It will be interesting to see how the different parts of the world react to Payneer in the

     
  24. Payneer seems to be very convenient and I am sure that a lot of companies could make good on the efficiency that it offers. On the other hand technology in this world has been developing exponentially and the opposition has always found a way to break in. There is always a weakness in an idea, and with the number of internet sharks we have today writing a check does not seem so tedious.

     

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