Yuval Tal And Payoneer Aid Increases Global Alternative

by:Goodcom     2020-06-12
Technology has clearly driven the payments industry - from within and without. Today's payment systems would most likely not be possible without the astounding computing and networking milestones achieved over the past 40 years. Interestingly enough, this same technology is accountable for the immense increase in electronic payments volume itself. We are witnessing the inevitable transition from a paper-based economy with a global electronic payments economy. The necessities created by this revolution are being solved by discover credit card brands, and a host of alternative payments providers. Which came first, the chicken maybe the egg? The same can be asked about technological advancement and electronic payments bloatedness. One can reasonably argue that they both came at the same time, or at any rate they traveled in a relationship. The rise of ubiquitous Internet in the 1980s occurred at roughly the same time as the arrival of electronic private credit information terminal. Purchasing via internet would not be possible at scale without online credit card payments. And although a little jerky at first, the credit card companies answered the letter. The looming specter of fraud has since been relegated to well under 1% of all purchases. Not all frontiers have been conquered, however, as using the Web to purchase goods from another country still has many challenges. There are challenges faced by consumers living in countries with underdeveloped banking or monetary systems -- an example being China. What's more, the term 'payments' is taking on a much broader meaning. For one thing, payments aren't necessarily being accustomed purchase goods and services. Electronic payments are now utilised to compensate virtual workers, click through referrals partners, and marketing affiliates. The major bank networks have arguably contributed the most to the burgeoning electronic economy. Within a sense, though, credit cards have had one major flaw -- a small bit . work in one direction. It's certainly easy to buy something with a credit card, however, is it possible to get paid dealing with your credit card? Traditionally the answer has been 'no.' Enter swiftest growing part within the card market - the debit certificate. You probably have one on your person right now. Well the infrastructure created to support these cards has also spawned two additional solutions, branded gift cards and 'reloadable' debit cards. Yuval Tal along with the company he founded, Payoneer, have used these reloadable atm cards to solve the problem of getting paid on your cards. With Payoneer, businesses and individuals can fund a virtual account with a bank which the cardholder can access through the debit card. Due to this cardholders can get paid through various methods and use the funds to withdraw cash from ATMs or purchase goods at merchants accepting the major greeting card brands. This apparently simple solution actually sits on top of one of the most sophisticated electronic payments networks in the field of. And the term 'world' is poignant in this case, because as it turns out, this international network is assisting solve an associated with the problems having getting paid across international borders. 'By partnering with considerable credit card network like MasterCard,' says Mr. Tal, 'our cardholders have instant access to millions of ATMs and merchants in over 200 countries.' Payoneer has leveraged the network to develop specialized payments solutions for dozens of industries. With his team of Engineers, Yuval Tal built a flexible platform that sits point the MasterCard network and allows Payoneer customers to quickly and securely remit funds to various types of cardholders. According to Mr. Tal, 'Our customers were searching for a turnkey online system which allowed the particular quickly set-up payees. This means authenticating users, issuing cards and potentially loading funds all in a matter of hours.' 'Reporting and auditing was also important,' says Tal. Initially Payoneer geared towards the travel industry, where tourists and students required purifies convenient alternative to cash and Travelers Checks. 'What we found,' says Tal, 'is that the system could be easily repurposed to support other applications.' This led to a move to untouched markets including affiliate networks, global freelance information workers, clinical trials and seasonal day laborers. One interesting application is the payment of global freelance workers. In today's electronic economy, associated with independent programmers and content providers in countries like China and Russia be employed by companies in other countries. Paying these workers can unquestionably be a daunting task. Paper checks just won't cut it - they take quite some time in the mail and an even longer time to clear. Wire transfers are expensive to both parties, and it consider up to a week for the payee to actually access the funds. Within cases, the worker generally needs any time you bank account. 'With a Payoneer card,' says Yuval Tal, 'a company spend a foreign worker, and that worker can -- usually -- have accessibility funds in just an hour, all without an account.' This novel application is clearly a 'discontinuous innovation,' namely, its impact on the marketplace changes approach things are drained a big way. Reducing the time it takes to get compensated from up a few week to a lot as an hour is vital to many folk. It is also a good example how alternative payment types, like the reloadable prepaid debit card is displacing cash and traditional money transfer methods. People like Yuval Tal are forming companies just like Payoneer all the particular world, and promise to make this significant transformation less complicated.
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