Coupang and Payoneer Partner to Empower Millions of Sellers to Tap into One of the World’s Largest eCommerce Markets
October 25 2021 - 9:50AM
Business Wire
South Korean consumers get an even more diverse
range of products from trusted sellers around the world
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.”
About Coupang
Coupang is one of the largest e-Commerce companies in Asia, with
a mission to revolutionize the everyday lives of its customers and
create a world where people wonder, "How did we ever live without
Coupang?" Coupang offers a variety of services, including same-day
and next-morning delivery of groceries and general merchandise,
delivery of prepared foods through Coupang Eats, and video
streaming through Coupang Play. Coupang has offices in Beijing, Los
Angeles, Seattle, Seoul, Singapore, Shanghai, Silicon Valley,
Taipei, and Tokyo.
About Payoneer
Payoneer (NASDAQ: PAYO) is the world’s go-to partner for digital
commerce, everywhere. From borderless payments to boundless growth,
Payoneer promises any business, in any market, the technology,
connections and confidence to participate and flourish in the new
global economy.
Since 2005, Payoneer has been imagining and engineering a truly
global ecosystem so the entire world can realize its potential.
Powering growth for customers ranging from aspiring entrepreneurs
in emerging markets to the world’s leading digital brands like
Airbnb, Amazon, Google, Upwork and Walmart, Payoneer offers a
universe of opportunities, open to you.
www.payoneer.com
Forward-Looking Statements
This press release includes, and oral statements made from time
to time by representatives of Payoneer, may be considered
“forward-looking statements”. Forward-looking statements generally
relate to future events or Payoneer’s future financial or operating
performance. In some cases, you can identify forward-looking
statements by terminology such as “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“potential” or “continue,” or the negatives of these terms or
variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward looking statements. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by Payoneer and its management,
as the case may be, are inherently uncertain. Factors that may
cause actual results to differ materially from current expectations
include, but are not limited to: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the relationship with Coupang; and (2) other risks
and uncertainties set forth in the section entitled “Risk Factors”
and “Cautionary Statement Regarding Forward-Looking Statements”, as
well as any further risks and uncertainties contained, in the
prospectus filed by Payoneer on August 6, 2021. Nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. Payoneer does not undertakes any duty to
update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211025005508/en/
Investor Relations Contact: Ignatius Njoku
investor@payoneer.com Media Contacts: New York Irina
Marciano PR@payoneer.com Singapore Cognito for Payoneer
Payoneer@Cognitomedia.com (+65) 8750 3843 Coupang PR
Press@coupang.com
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