Payoneer, a commerce technology company working in payments and growth, is partnering with Asia-based eCommerce company Coupang to provide more opportunities to sell in South Korea, a press release said.
Announced Monday (Oct. 25), the collaboration will leverage Payoneer’s tech and expertise with Coupang’s payments capabilities, giving Coupang sellers access to better payments for cross-border business.
Coupang has more than 17 million customers, with the release saying the company has generated $15.6 billion in the past 12 months.
Meanwhile, Payoneer has an expansive ecosystem with multiple countries, including China, Germany, Japan, the U.K. and the U.S. This partnership will offer sellers a new way to expand and sell in South Korea, Coupang’s primary market, with quicker fund access and more flexibility.
According to the release, sellers will also be able to utilize onboarding tech, including a specialized support team’s help to get more growth opportunities.
“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,” said Nagesh Devata, vice president for APAC, Payoneer.
“Coupang is at the forefront of the eCommerce 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.”
Meanwhile, Payoneer CEO Scott Galit has said Amazon has, in a way, made its own competition by giving merchants the influence to promote themselves and compete in business.
The report from PYMNTS notes that 56% of sales on Amazon are now from third-party sellers. Galit said the knowledge of how to differentiate themselves, advertise and acquire customers has been “taught” by Amazon, forcing smaller companies to develop these skills.
Galit said that smaller companies’ diversifying doesn’t mean leaving Amazon, which he noted as a “powerful” platform, but said there were other ways companies could also make money through their own sites.