Payoneer allows users to make payments to others regardless of where they are in the world, quickly and efficiently moving and transferring money between various international affiliates. The Payoneer proposition is unique in that users do not require any bank accounts, but instead can be given pre-paid debit cards. Once the payments are transferred into users’ accounts they can make withdrawals whichever country they are in, which is much more efficient than standard wire transfers and international checks. The company already has more than a thousand partners making payments to hundreds of thousands of users all over the globe.
The new local transfer service means that Payoneer is able to transfer money in the card user’s local currency, instead of the one they were originally paid in. These local currency payment transfers work out much cheaper and faster for all parties involved in comparison to any other kind of transfer or payment solution currently in operation. This is especially important for those in countries that have banking systems, which are still behind those in the US, where many people are often waiting a long time for their money. The local money transfer solution will be gradually rolled out to various partners and countries internationally.
The new service will be the latest from Payoneer, an international company which has more than $500 million in payments going through its system every year and reveals a year upon year increase and growth rate over the last four years of 100%. The company also boasts a selection of large and varied clients all over the globe, including oDesk, Amie Street and iStockphoto.
The organisation is based in New York, in the United States with further Research and Development offices in Tel Aviv, Israel. The company was founded in 2005 by well-known Israeli businessman Yuval Tal. Tal has a strong educational background, having studied a B.Sc in Mechanical Engineering and a M.Sc in Biomedical Engineering, from the Tel Aviv University in Israel.
Tal has worked in a range of technology companies and in 1999 co-founded E4X, one of the first big companies to use the Internet to make cross-border payments and exchange international currencies. The company grew to more than $500 million in revenue over five years.
He now has more than 20 years experience in Internet commerce and technology start-ups and is considered an expert in currency exchange, security technologies and prepaid card applications. Yuval Tal is now President of Payoneer and is in charge of managing and directing the company’s employees, which currently includes more than 100 professionals from the technology and finance sectors.