Latin American Freelancers Can Now Receive Payment in Local Bank Transfers.
New York (June 12, 2018) – Transpay, the cross-border payment company, announced today that it has been selected by Workana, Latin America’s leading freelancer platform, to pay users in Latin America, Spain and the United States through Transpay’s payout network. Workana, a recent recipient of funding from Google’s esteemed Launchpad Accelerator program, can now compensate its freelance community paying them the way they prefer most: in local currency and directly into their bank accounts.
At a time when small and medium enterprises (SMEs) generate more than 52 percent of GDP and 88.9 percent of paid jobs in Mexico’s national economy, according to ENAPROCE, Workana’s firm grasp of local worker preferences has been instrumental in earning the trust of both customers and investors.
“A big factor in our decision to partner with Transpay is the ability to send payments directly into the local bank accounts of our freelancer users, a critical need that this audience has vocalized time and again,” said Guillermo Bracciaforte, Chief Operating Officer and Co-Founder of Workana. "Transpay’s ability to deliver hard-earned income in a hassle-free and timely manner, enables us to create a seamless and convenient payout experience that lets freelancers focus on what they do best.”
In the digital economy, building solid, trustworthy relationships with reliable partners who can deliver on their promises is critical to business health. Transpay is here to help companies maintain this standard by navigating the complexities of cross-border payments and ensuring that they meet their beneficiaries’ needs.
Transpay conducted a survey of 886 female freelancers in the US and India earlier this year that provided further insights on the most challenging payments complexities or freelancers. The study found that 90 percent of India respondents and 41 percent of US respondents named ‘payments transaction fees’ as one of the biggest challenges. In India, an advanced developing economy on-par with Mexico, female freelancers also indicated that they’re not receiving compensation through their ideal channels: zero percent of respondents are paid via local bank transfer, even though nearly half of them (48 percent) would prefer it.
Despite these challenges, the global freelance economy is only expected to continue growing. Recent data from Workana’s 2017 Freelance and Entrepreneur Survey shows that 23 percent of the 5000 survey respondents in Latin America plan to become full-time freelancers, buoyed by the growth of online marketplaces and rising number of digital and cross-border payment channels.
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Transpay is a service from Transfast, a leading global payments company with more than 30 years of operating history. Transfast processes over $8 billion USD in annual payment volumes. Transpay provides businesses of all sizes with a scalable, secure, and fully compliant cross-border mass payout solution, making it easy to send funds directly to the local bank accounts of vendors, business partners, freelancers or others, reaching over 95 percent of the world’s bank accounts. To learn more, visit www.transpay.com.
Founded in 2012 in Argentina, Workana is the leading freelancer marketplace Latin American. Workana connects more than one million professional freelancers with corporations who need professional services such as app and software development, design and multimedia, translation, sales, marketing, finance and administration. To learn more, visit www.workana.com.