PayPal, global leader in digital
payments today released a report titled, Insights into the freelancers
ecosystem, sharing an overview on India’s freelancer landscape. The report
highlights the strong growth prospects of the sector and challenges of the
freelancers in India. The study, conducted with 500 Indian freelancers
in their local languages, highlights that most Indian freelancers are under
the age of 40 and arepredominantly mostly
men. Web & mobile development, web designing, internet research
and data entry are the key focus areas for Indian freelancers while some of
them are also engaged in accounting, graphic design and consultancy.
Of the surveyed freelancers, 41%
have witnessed very fast growth in through the past 12 months, with 80%
of them working with international as well as domestic clients. A significant
amount of work for Indian freelancers comes from Australia, US and UK.
15 projects and 13 retainer clients annually gives this segment income
stability & security.
Narsi Subramanian,
Director Growth, PayPal India, said: ‘India is today the largest
freelancer market in the world and poised for growth. Receiving payments in a
timely, safe and secure manner is one of the key concerns for this community.
At PayPal, we work closely with freelancers enabling them to leverage the
opportunity in India and across the globe. Our key offerings such as PayPal.me
and Seller Protection for Intangibles have helped solve payment related hurdles
and propelled growth for this segment. We excited to see college graduates,
5-9ers and homemakers leveraging the freelancing professional and the global
opportunity.
Most took to freelancing after having
heard about it from friends, family, social media and freelancing platforms. Of
the reasons that drove them to adopt freelancing, earning more income,
flexibility in schedules and ability to choose who to work for, topped the
list. Of the wide range of aspects, freelancers feel that they need external
support in aspects such as setting up their own website, finding and retaining
clients, fee and negotiation advice, protection and insurance.
Processing payments:
PayPal is among the most popular
payment methods for international payments. Increasingly, risk and security are
the most important aspects for freelancers as they accept payments from across
the world, followed by a shorter time taken by payment methods to process
payments. Another key challenge faced by freelancers is that of invoicing –
most freelancers currently invoice through freelancer platforms, create an
invoice manually or just share details over email.
Money management and
freelancers:
Close to 61% of the surveyed
freelancers have not been paid at least once through their career. Further,
many freelancers receive payments only after 2-4 weeks of invoicing, thereby
creating a gap in flow of capital. To overcome this challenge, freelancers
provide discounts for early and charge for late payments.