Republic of Estonia’s e-Residency programme is now collaborating with Payoneer, an online payments company, to transform the way e-residents in India send and receive cross-border payments. Payoneer already operates in more than 200 countries and territories, including India, and serve 4 million customers using over 150 currencies.
e-Residency is a secure digital identity provided by the Republic of Estonia. It allows anyone from anywhere in the world to establish and manage a global EU company entirely online. Access to business banking services and payment solutions is often a challenge, even for e-residents. Consequently, this collaboration will widen the choice of financial services available to e-residents — and also provide Payoneer’s existing customers with an easily compatible solution for running a location-independent company registered in the EU. So far, more than 40,000 people from 155 countries have applied for e-Residency and together they manage more than 5,500 companies.
Although many e-residents already use Payoneer, this long-term co-operation will improve the ease of using Payoneer and e-Residency together. Payoneer’s Global Payment Service provides e-residents with access to receiving accounts in multiple countries and currencies — as well as flexible withdrawal options. Payoneer users can transfer funds to their local bank account, in their local currency, or to a prepaid card.
“We welcome Payoneer to our digital nation because we welcome increased choice, lower fees and less hassle for entrepreneurs everywhere. The end of financial exclusion is an important challenge that we are aiming to tackle worldwide. Payment solutions such as Payoneer allow us to help every entrepreneur wherever they are from, while offering a new option for our community of like-minded individuals.” Kaspar Korjus, Managing Director of e-Residency programme, said.
“We are happy to announce that Republic of Estonia’s e-Residency programme is joining our roster of valued partners and to expand the Payoneer network for our users,” stated Yair Tal, Head of Payoneer Enterprise. “Our mission is to empower businesses to grow globally by providing them with a wide range of cross-border payment solutions. We look forward to working with e-residents to open up new international opportunities for their businesses.”