With over 30 years of experience in digital payments, Nagesh Devata, Senior Vice President at Payoneer for the Asia-Pacific region, shares insights into supporting small and medium-sized businesses (SMBs) in Pakistan and beyond. Pakistan’s SMB sector, comprising around 5 million firms, contributes 40% to GDP and 25% to exports, with a rapidly growing digital economy fueled by a young, tech-savvy population and strong English proficiency.
As global trade evolves, SMBs face challenges with traditional banking systems, high fees, complex documentation, and limited transparency, hindering efficient cross-border payments. Payoneer addresses these barriers by offering a business-grade, multi-currency financial platform accessible to SMBs, entrepreneurs, gig workers, and e-commerce sellers. The platform enables users to receive payments in multiple major currencies and in over 190 countries, making them “local” to their clients worldwide while supporting easy withdrawals to local banks with competitive fees.
Payoneer’s strength lies in simplifying the complexities of global payments, regulatory compliance, and fraud risk management with advanced technologies and strong local presence in 35 countries, supporting over 20 languages. As of March 2025, nearly 2 million active users trust Payoneer with $6.6 billion in funds, processing $80.1 billion in transaction volume in 2024. The Asia-Pacific region saw a 31% revenue increase, reflecting strong growth driven by digital entrepreneurs and exporters.
Key trends shaping digital payments include the demand for multi-currency solutions, increased focus on compliance and security, and integrated platforms that streamline cash flow management. Payoneer’s proprietary KYC and risk management infrastructure leverages machine learning to secure transactions across 7,000 trade corridors worldwide.
For Pakistani SMBs, Payoneer offers compelling benefits: virtual accounts in multiple currencies, simplified invoicing and payment collection globally via services like “Request a Payment,” transparent dashboards, and strong local support in Urdu and English. These features enable businesses, from freelancers to e-commerce exporters, to expand internationally without administrative hurdles.
Payoneer also invests in the Pakistani market through community-building initiatives, expert sessions, and events like the XBorder Excellence Awards, Game Connects, fostering networking and knowledge sharing among exporters and digital entrepreneurs.
Looking ahead, Payoneer embraces innovations such as artificial intelligence to enhance service accuracy, fraud detection, and customer experience. Devata emphasizes trust as the cornerstone of fintech success, especially in cross-border finance.
His advice for Pakistani SMBs aiming for global expansion is to deeply understand target markets while leveraging digital payment platforms like Payoneer that remove traditional barriers, enabling businesses to grow internationally with confidence and agility.
This commitment to empowering SMBs through technology and localized support positions Payoneer as a key enabler of Pakistan’s integration into the global digital economy.