Gig economy workers have better access to financial services

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In today’s job market, web and graphic design, media production, and content writing are just a few of the top global freelance jobs driving the gig economy, with around $ 1. 5 million of these freelancers here in the Philippines. Along with this, there is also the exponential growth of global e-commerce, with many companies – in need of skilled talent that is not readily available within their organizations – embarking on a digital transformation journey.

In fact, as Payoneer notes, global year-over-year e-commerce revenue grew by over 80% in the second and third quarters of 2020.

This growth in e-commerce, therefore, has also seen an increase in freelancing. Again, as another Payoneer study reveals, this increase is being fueled by demographic shifts, technological advancements and shifting work paradigms, with Gen Z and Millennials leading the way, with 70% of respondents under 35 years old and 21% are under 25 years old.

Moreover, there is evidence that self-employment offers attractive income potential which in many cases far exceeds average wages, especially in emerging economies. Those who work exclusively as freelancers earn a higher hourly rate and are more satisfied with their lifestyle than those who share their working time for a company.

This rise in self-employment has not gone unnoticed, especially with the growing call from practitioners for protection and guarantees. Thus, the tabling of the Senate Bill 1810 or the Freelance Protection Act which aims to require clients to pay freelancers within 30 days of completing the task, outside the list of freelance rights .

Why freelance?

With this change, many are also curious as to what attracts people, especially millennials, to choose freelance work over a regular 9 to 5 office job. In the same Payoneer to study, the growing popularity of self-employment is driven by global generational changes, driven primarily by younger workers seeking greater independence and new business opportunities. The rise of digital technology, as well as the acceptance of more flexible academic training, is also a driving force.

A boon for workers in the local economy

Now, just because freelancers are on their own doesn’t mean that they don’t need the right support and assistance to be successful. This is where Payoneer saw a gap they could fill, particularly here in the Philippines, by allowing users – 5 million of them – to access customers around the world while getting paid – in dollars. , pounds, euros, yen and other major currencies – through their digital platform.

“For freelancers in the Philippines, they now have access to clients around the world,” said Miguel Warren, vice president, regional manager – Southeast Asia for Payoneer. “They also appreciate the opportunity to work in a market or through a platform like Upwork that connects potential employers with potential freelancers. They can also choose to speak directly to customers.

Improve the customer experience

For independents, taking full advantage of Payoneer’s industry-leading service that connects them to the global market they want to tap into has never been easier. To do this, users simply need to connect their Payoneer account to, say, Upwork which will then allow them to receive money into their account. If they have a direct customer, they can also send an invoice directly.

In addition, Payoneer has gone further in its goal of making access to funds even more convenient. According to Warren, “If I wanted to use the funds, I could connect them to my local bank and withdraw them in pesos at fair and competitive exchange rates. We can also provide a card for online transactions or ATM withdrawals. Or, you can use the money in your Payoneer account to transfer it to other Payoneer users.

Additionally, a strategic partnership with leading mobile wallet app GCash was recently entered into, a move that further empowers Filipino self-employed workers by giving them access to extensive financial solutions.

“All of these innovations and service improvements are part of our work to encourage businesses to challenge the limits by making cross-border payments more inclusive,” Warren added. “This is also driven by our drive to meet the needs of our ever-changing marketplace through an improved customer experience that ultimately attracts more customers. “

With Payoneer’s growing presence in the Philippines and the company’s optimistic outlook for the local concert economy, freelancers now truly have a partner they can count on to help them succeed.


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