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Chinese eBay payments payouts to be powered by Payoneer
As announced earlier in the year, Chinese eBay payments are coming to Greater China over the next few months, but it’s not a country where banking is as advanced as in the UK, so how do they get payments to sellers, especially in a multi-currency world? Stepping up to the plate is Payoneer, who have announced today that they are collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace.
With the help of Payoneer, eBay sellers will benefit from faster access to funds, greater flexibility managing multi-currency payments and expanded reach by enabling sellers to list on multiple international eBay sites.
Starting in April 2021, Payoneer will manage Chinese eBay payments payouts for eBay sellers as eBay expands its management of payments around the globe. eBay and Payoneer intend to expand the service to additional countries later in the year.
For Payoneer, this agreement comes on the heels of its announcement that it will go public later this year through a business combination with a special purpose acquisition company. The wave of digitisation that has accelerated during the pandemic has further highlighted the importance of seamless global commerce, as more buyers and sellers transact across borders. Payoneer processed $44.4 billion in volume in 2020, a 53% increase from 2019.
“We are honoured to partner with eBay, a true pioneer and giant in the world of ecommerce. Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers. As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world.”
– Scott Galit, CEO, Payoneer
“Managing payments on our platform is a key component to enhancing the eBay experience for our customers. We’re excited to be partnering with Payoneer at a time of such growth for both our companies. Together, we will build on the momentum that ecommerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform.”
– Alyssa Cutright, Vice President of Global Payments, eBay