Singapore, 25 October 2021 – Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, and Coupang, one of the largest e-Commerce companies in Asia, today announced a new partnership that will provide hundreds of thousands of sellers from across the globe with the opportunity to more easily expand and sell into South Korea. By leveraging Payoneer’s technology and expertise to enhance Coupang’s payments capabilities, sellers on Coupang can now enjoy more seamless payments for their cross-border businesses.
One of Asia’s leading e-Commerce companies, Coupang has over 17 million active customers as of the second quarter of 2021 and generated $15.6 billion in revenue over the last twelve months. South Korea, Coupang’s primary market, is ranked as the fourth globally in e-Commerce sales and represents an exciting market opportunity for international sellers looking to reach South Korean consumers who demand a sophisticated, diverse, and global range of products.
Through this partnership, sellers in Payoneer’s extensive ecosystem spanning countries including China, Germany, Japan, the UK and the US will benefit from faster access to funds and greater flexibility in managing multi-currency payments when selling on Coupang. These essential tools enable sellers to more easily expand into new markets both within and outside of the APAC region. Furthermore, sellers will gain access to streamlined onboarding onto Coupang through Payoneer’s Green Channel program, which includes assistance from a specialised support team to tap new growth opportunities, leveraging Coupang’s position as Korea’s most popular online retail destination.
Nagesh Devata, VP for APAC, Payoneer, said: “Payoneer continues to cement its position as a market leader and innovator for digital commerce and partnering with the world’s fastest moving and growing companies is a key part of this. Coupang is at the forefront of the e-Commerce wave and has been able to capitalize on the new wealth of opportunities available to leading platforms. Payoneer’s technology and Green Channel service will help to supercharge Coupang’s global growth.”
Gerald Hoe, Head of Global Marketplace, Coupang, said: “Our mission is to create a world in which customers ask, how did we ever live without Coupang? Delivering the best customer service is crucial to realizing this goal and our partnership with Payoneer reflects Coupang's commitment to wowing the customer. Growing our global seller community will enable us to further broaden our product selection for our Korean customers. In addition, providing our sellers with a streamlined payments experience and access to Payoneer's Green Channel program means we can onboard quality small businesses faster and enhance our growth in a safe way.”
Re-disseminated from The Asian Banker.