Payoneer will work with the mobile wallet eZ Cash in Sri Lanka to make it easier for its mobile wallet users to convert funds from cross-border payments to funds in the wallet.
New York-based Payoneer's cross-border payments technology will integrate with the Sri Lanka mobile money network so that entrepreneurs, merchants and freelancers in the country receiving payments through Payoneer can move the money directly into their eZ Cash mobile accounts.
As a partner, eZ Cash will market Payoneer services to its small-business customers as a value-added service.
The integration enables eZ Cash's 14 million subscribers to leverage Payoneer's technology to connect with marketplaces and clients worldwide. eZ Cash customers can send and receive funds across the network's user base, receiving inward remittances from abroad, making online purchases or settling utility bills directly from their mobile phones.
“Sri Lanka is witnessing a steady rise in the number of entrepreneurs and freelancers who are serving the increasingly digitized, global market," said Fariq Cader, vice president of digital services for Dialog Axiata PLC, which operates eZ Cash.
"This has opened additional streams of revenue for them," Cader said of the Payoneer partnership in a Sept. 12 press release. "However, they face several challenges in receiving payments from abroad including high transaction costs, delayed processing and lengthy hold times."
In the past year, Payoneer has positioned itself as a payments gateway in an "Uber economy," providing technology for companies that increasingly must pay a remote workforce on a recurring basis.
"We are delighted to partner with eZ Cash to further localize our cross border payment solutions for the Sri Lankan market and are committed to partnering with additional mobile payment networks and eWallets throughout the world," Eyal Moldovan, general manager of Payoneer’s direct business, said in the release.