Payoneer, a commerce technology company working in payments and growth, is teaming up with Asia-based e-commerce company Coupang to provide more sales opportunities in South Korea, according to a press release.
Announced Monday, October 25, the collaboration will leverage Payoneer’s technology and expertise with Coupang’s payment capabilities, giving Coupang sellers access to better payments for cross-border business.
Coupang has more than 17 million customers, with the statement saying the company has generated $ 15.6 billion in the past 12 months.
Meanwhile, Payoneer has a large ecosystem with multiple countries including China, Germany, Japan, UK, and US. This partnership will offer sellers a new way to grow and sell in South Korea, Coupang’s main market, with faster access to funds and more flexibility.
According to the release, vendors will also be able to use integration technology, including help from a dedicated support team to gain more growth opportunities.
“Payoneer continues to solidify its position as a market leader and innovator for digital commerce and partnering with the world’s most dynamic and growing companies is a key part of this,” said Nagesh Devata, APAC Vice President of Payoneer.
“Coupang is at the forefront of the electronic commerce wave and has been able to capitalize on the new wealth of opportunities available for the main platforms. Payoneer’s technology and the Green Channel service will help drive Coupang’s global growth.
Meanwhile, Payoneer CEO Scott Galit said Amazon has somehow created its own competition by giving merchants the clout to promote themselves and compete in business.
Read more: Payoneer CEO Says Amazon Created Its Own Contest Teaching SMBs How To Sell Online
The PYMNTS report notes that 56% of sales on Amazon now come from third-party sellers. Galit said the knowledge of how to differentiate themselves, advertise and acquire customers has been “taught” by Amazon, forcing small businesses to develop these skills.
Galit said that diversifying small businesses didn’t mean leaving Amazon, which he called a “powerful” platform, but said there were other ways for businesses to make money through their own sites.