Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, announced a collaboration with global online marketplace Etsy (NASDAQ: ETSY), to support its bespoke seller offering, Etsy Payments.
The collaboration will enable Etsy to streamline payments “to sellers and help create economic opportunities to more entrepreneurs in emerging markets.”
Etsy Payments is the core of Etsy’s payment technology and “enables flexible and secure payments infrastructure to both buyers and sellers.” The collaboration between Payoneer and Etsy will utilize Payoneer’s global infrastructure “to offer greater services and seamless payouts to sellers in the currency of their preference.” It will initially be launched “in Ukraine and Thailand, followed by India, Japan, Argentina, Chile, and Peru by the end of 2023.”
Ya Wen, SVP Americas at Payoneer, commented:
“As a leader in cross-border financial services technology, Payoneer will provide critical infrastructure to support Etsy in expanding its payments offering to sellers in emerging markets and navigating complex payment ecosystems. This collaboration will help create opportunities for the often-underserved sellers in emerging markets, giving them better access to global demand. We are delighted to be working with such an established brand. We look forward to working with Etsy to increase accessibility for sellers in other markets.”
Chirag Patel, VP & GM Payments and Risk at Etsy, commented:
“We’re excited to help sellers in emerging markets expand their reach with Etsy Payments, enabling safer and convenient shopping experiences. 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. We look forward to working with Payoneer to provide new economic opportunities for entrepreneurs around the world.”
As noted in the update, Etsy, Inc. operates two-sided online marketplaces “that connect millions of passionate and creative buyers and sellers around the world.”
These marketplaces share a mission to “Keep Commerce Human,” and they’re committed to using the power of business and technology “to strengthen communities and empower people.”
Their primary marketplace, Etsy.com, is “the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs.”