Payoneer Global Inc. (NASDAQ: PAYO), an e-commerce services provider, has partnered with global financial services company Fiserv, Inc. (NASDAQ: FISV). For Payoneer, this is a significant achievement as the company will have access to a large audience.
Payoneer and Fiserv will jointly provide services to sellers, merchants, contractors, consumers, and other e-commerce market participants. Customers will notably have access via the Fiserv Carat operating system to the Payoneer payment platform.
This will allow customers of both companies to reduce the cost of international payments, for example, different payment methods in local currencies will be available.
For Payoneer, the rapidly growing market for cross-border payments is of particular importance. The volume of international payments in this market is around 250 billion US dollars with an average annual growth rate of around 25%.
At the same time, international payments are often more profitable for suppliers than domestic payments. Furthermore, there is a strong demand from sellers and buyers for transparent and inexpensive instruments for financial transactions.
Payoneer has over 5 million customers and 24 offices worldwide. The company sells tools and services for billing, accepting payments, paying international fees, managing multi-store payments, and more.
Payoneer solutions are used by stores that list their products on large aggregator marketplaces. Additionally, Payoneer offers solutions for IT outsourcing companies, tourist facilities, freelancers, and more.
In the first quarter, Payoneer’s revenue rose 36% year-on-year to $137 million, while net income was $20.2 million, from $3.5 million a year ago. a year.
Payoneer Global Inc. (NASDAQ: PAYO) is down 39.59% year to date, with a low of $3.33 and a high of $11.20 in the current 52-week trading range. The PAYO stock was last seen sitting at $4.44 in the last trading session, with the day’s loss leaving it -4.93% below its 12-month average consensus price objective of $7.00.