Small business-focused FinTech Payoneer is expanding its online checkout offering in partnership with Stripe.
The collaboration is aimed at cross-border small- to medium-sized businesses (SMBs) wishing to sell direct-to-consumer, according to a Monday (Aug. 18) press release.
“We are committed to simplifying cross-border online trade for SMBs,” Payoneer Chief Growth Officer Adam Cohen said in the release. “This partnership with Stripe is a strategic step in our journey to expand our checkout offering and deliver a best-in-class user experience at scale. By combining Payoneer’s local market distribution and expertise with Stripe’s exceptional checkout technology, we’re combining the strengths of both companies to deliver unmatched value to our customers.”
The partnership will launch first in the Asia-Pacific region, including Hong Kong and China, and will let SMBs accept a wider range of payments via online webstore checkout, including buy now, pay later options such as Klarna and Affirm, as well as Apple Pay and Google Pay, the release said.
Since launching Payoneer Checkout three years ago, the company has scaled to almost $1 billion in run-rate annual volume and generated $30 million in revenue in the last year, which represents a more than 100% increase, according to the release.
“Through this partnership, Payoneer and Stripe are enabling enhanced customer conversion rates, improving acceptance rates, helping to reduce fraud, and expanding payment acceptance options for SMBs selling direct-to-consumer via their own eCommerce webstores,” the release said.
Meanwhile, FinTech innovations such as digital wallets, stablecoins and integrated payment platforms “are reshaping cross-border commerce, lowering barriers for SMBs,” PYMNTS wrote last month.
“When you have volatility in the values of currencies, it adds to what is ‘necessary’ to carry out successful cross-border payments and an overall payment strategy,” Rob Seidman, head of U.S. Bank’s Avvance, told PYMNTS in May.
“The holy grail is a frictionless experience for your customers, and we’re all striving for great user experiences,” he added.
It is against this operational backdrop that digital wallets, which had once been considered the domain of peer-to-peer remittances or domestic mobile payments, are transforming into a critical part of global commerce infrastructure, the report said.
Source: https://www.pymnts.com/
