Payoneer Partners With Etsy To Streamline Payments To Sellers In Emerging Markets - Finovate

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Payments platform Payoneer has collaborated with Etsy’s seller offering, Etsy Payments.
The partnership will enable Etsy to streamline payments to sellers, empowering entrepreneurs in emerging markets.
Payoneer made its Finovate debut ten years ago at FinovateAsia 2013.

Etsy Payments has a brand new partner. The company, the bespoke seller offering from global online marketplace Etsy, has announced a collaboration with payments platform Payoneer. The partnership will help Etsy streamline payments to sellers. It will also give entrepreneurs in emerging markets better opportunities to grow their businesses. This includes the ability to offer a broader range of services and to make payouts to sellers in their preferred currency.

The collaboration will launch in the Ukraine and Thailand initially. By the end of the year, the service will be live in India, Japan, Argentina, Chile, and Peru, as well.

“Through this partnership, we are able to leverage Payoneer’s global reach and world-class payment technology to bring efficiencies at scale and provide seamless payouts to sellers in their local markets and the currency of their preference,” Etsy VP & GM Payments and Risk, Chirag Patel said.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy launched its Etsy Payments service in 2017. The option was previously called Direct Checkout and payments were processed by PayPal rather than Etsy. Etsy Payments enables sellers on the marketplace to offer buyers a wide range of payment options. These choices include Visa, PayPal, and Mastercard, as well as ApplePay, GooglePay, and Klarna, and buyers can transact in local currencies.

“This collaboration will help create opportunities for the often-underserved sellers in emerging markets, giving them better access to global demand,” Payoneer SVP Americas Ya Wen explained.

New York-based Payoneer made its Finovate debut in 2013 at FinovateAsia. The company returned to the Finovate stage two years later to present its technology at our developers conference FinDEVrNewYork. In the years since, Payoneer has grown into an international business payments platform with millions of customers, support for 70 currencies and 22+ languages, and coverage of more than 190 countries.

Payoneer began 2023 with a new Chief Financial Officer, Bea Ordonez. A few months later, the company introduced a new Chief Executive Officer, John Caplan, as well. So far this year, Payoneer has forged partnerships with software company Zoho, remote work outsourcing platform INSIDEA, Egyptian marketing firm Stllr, and cryptocurrency startup belo. The company acquired Israel-based data platform Spott in August and, in September, expanded its long-term relationship with Airbnb.

Payoneer is a publicly traded company on the NASDAQ exchange under the ticker PAYO. It has a market capitalization of $2 billion.

Photo by Oleksandr P