Payoneer is an American and Israeli financial services company that offers services such as online money transfer, digital payment services, and more. Users can send and receive funds using a digital wallet, a virtual bank account number in a local currency, or a prepaid MasterCard debit card.
Payoneer is used by large companies such as Airbnb and Amazon to make global mass payments. Though it is a great tool, Payoneer can be quite expensive for a small business. In case you're looking for cheaper tools, we have put together a list of Payoneer alternatives.
But before we get to that, let's examine if payment tools are even necessary. The fact of the matter is that they are unavoidable in the digital age. According to a report by Statista, the worldwide mobile payment revenue in 2015 was 450 billion U.S. dollars and is expected to surpass 1 trillion U.S. dollars in 2019. These numbers mean all readers of this article will use a mobile payment application if they haven't already! In light of the COVID-19 pandemic, this is especially pertinent for everything going online.