Bkash & Payoneer Collaboration (2022) | How beneficial it is for Bangladeshi freelancers?

Some days ago, Bkash and Payoneer collaborated. Now, you can withdraw money from your Payoneer account using Bkash in literally 10s. 

In this article, we will talk about how beneficial this Bkash and Payoneer collaboration is for Bangladeshi freelancers.

Life before Payoneer & Bkash collaboration

Before the cooperation between bkash and Payoneer, if you wanted to withdraw money from Payoneer, the only way to do it was by bank transfer.

In the bank transfer, there is a big problem which is it will take at least 3-5 business days before you get your money. For established freelancers, this might not be a problem. But if you are a new freelancer then this is a huge issue. 

Let's go a little bit deeper. The minimum amount you can transfer to your bank account is $50. But for a lot of new freelancers have $40, $45, $49 in their Payoneer account. So this was a big issue as you can’t transfer money to your bank unless you have $50. 

Life after Bkash & Payoneer collaboration 

Fast forward to the current time, you can now withdraw money from your  Payoneer to your Bkash account 24/7. The best this is you can withdraw just 1000 TK. which is less than $12. Now in a crisis situation, you don’t have to wait 4-5 business days to get your money. 

This was a huge problem for all kinds of freelancers as they can’t withdraw money instantly. A lot of freelancers had to borrow money from friends and family in some situations as they have to wait 4-5 days to get their money.

Lessons from Bkash & Payoneer collaboration

We can all take this as a lesson. A lot of people want to make money but they don’t find an effective way to make money. Solving a problem is the best way to make money. The bigger the problem you solve the more money you will make eventually. 

Just look at Payoneer and bkash. They solved one of the biggest problems which was getting your freelance income instantly. Now, as they solved this problem obviously they will make a lot of money. As more freelancers start using this service the more Payoneer and Bkash eventually make.

Game-changing collaboration

This is a game-changing move from both Payoneer & Bkash. Currently, Bangladesh has more than half a million freelancers. So we can assume a huge chunk of them will use bkash to withdraw their money from Payoneer. So, business-wise this is a very good deal. As the number of freelancers will only increase this will turn out as a billion-dollar business.

Conclusion

Freelancers are very valuable for a country like Bangladesh. They are obviously getting paid in dollars/Euros and as of writing this article $1 is roughly 85 TK. So we can see they are bringing “Remittance”. Remittance helps Bangladesh to increase the foreign reserve. Foreign reserve is one of the most important things for a country's development. As Bangladesh is a growing economy it will help a ton. Thanks to Payoneer & bkash for this amazing collaboration.