Payoneer, a global payment and commerce network, has partnered with eBay to allow sellers in certain countries to be reimbursed for their eBay sales.
Payoneer announced the partnership on Tuesday (May 4) as part of eBay’s “mission to modernize its marketplace,” which will offer sellers a more streamlined, less complex payment experience. Sellers will have faster access to funds, more flexibility in managing multi-currency payments, and the ability to list their items on eBay sites all around the world.
As eBay expands its payment management around the world, Payoneer began coordinating payouts for eBay sellers from Greater China last month. As the year progresses, the two companies intend to develop even further.
In a press release, Payoneer CEO Scott Galit remarked, “We are thrilled to partner with eBay, a real pioneer and giant in the world of ecommerce.” “Their goal of building a simplified, modern marketplace that streamlines cross-border business is one that we and our customers share strongly.”
The agreement comes shortly after the announcement that Payoneer will go public this year through FTAC Olympus Acquisition Corp, a special purpose acquisition firm, in a transaction valued at $3.3 billion.
Payoneer’s payments volume increased by 55 percent in the fourth quarter of last year to nearly $14 billion, up from $9 billion in 2019. Payoneer’s clients include Amazon and Airbnb, as well as a variety of small businesses. For the whole year, payments rose by 53%, from $29 billion in 2019 to $44.4 billion in 2020.
Payoneer Vice President for SMBs Iain McNicoll told PYMNTS last month that this happened following a year that drove many small and medium-sized enterprises (SMBs) toward digital.
“A new statistic that we’ve seen a lot of is that the proportion of retail purchases that are made online has risen as much since the pandemic as it had in the previous ten years,” he said. “Clearly, the trend is accelerating — and SMBs are realizing it’s time to catch up.”