Payoneer and Etsy partner to support sellers in emerging markets

NEW YORK: Payoneer, a fintech company that helps SMBs transact and grow globally, announced a collaboration with Etsy, a global online marketplace for unique and creative goods, to support its seller offering, Etsy Payments. The collaboration will enable Etsy to streamline payments to sellers and create economic opportunities for more entrepreneurs in emerging markets.

Etsy Payments is the core of Etsy’s payment technology that provides flexible and secure payments infrastructure to both buyers and sellers. The collaboration will use Payoneer’s global infrastructure to offer greater services and seamless payouts to sellers in the currency of their choice. 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, said that Payoneer will provide critical infrastructure to support Etsy in expanding its payments offering to sellers in emerging markets and navigating complex payment ecosystems. He added that the collaboration will help create opportunities for the often-underserved sellers in emerging markets, giving them better access to global demand.

Chirag Patel, VP & GM Payments and Risk at Etsy, said that they are excited to help sellers in emerging markets expand their reach with Etsy Payments, enabling safer and convenient shopping experiences. He added that through the partnership, they 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, founded in 2005, operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. Its “House of Brands” portfolio also includes fashion resale marketplace Depop and musical instrument marketplace Reverb.

Payoneer, founded in 2005, is a fintech company that empowers SMBs to transact, do business and grow globally. It has built a global financial platform that has made it easier for millions of SMBs, particularly in emerging markets, to pay and get paid, manage their funds, and grow their business.

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