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Payoneer (NASDAQ: PAYO) has launched Payoneer Checkout, expanding its services into direct-to-consumer payment acceptance for global eCommerce merchants. This initiative targets the growing DTC market, projected to reach $175 billion in the US and $100 billion in India by 2025. The new service simplifies payment processes, allowing small to medium businesses to manage funds and gain access to working capital. Currently available in the Asia-Pacific region, Payoneer Checkout will gradually expand worldwide.
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Launch of Payoneer Checkout, enhancing payment acceptance for DTC webstores.
Targets a rapidly growing global DTC market with substantial sales projections.
Simplifies payment management for SMBs across multiple channels, consolidating funds.
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Company expands into Direct-to-Consumer services with a payment acceptance product for global SMB webstores
NEW YORK--(BUSINESS WIRE)--
Payoneer (NASDAQ: PAYO), the commerce technology company powering payments and growth for the new global economy, announces the launch of Payoneer Checkout, marking the company’s entry into payment acceptance for direct-to-consumer (DTC) webstores.
The global DTC market has seen significant growth during COVID and beyond, with DTC eCommerce sales in the US projected to reach $175 billion by 2023, a 56% growth from 2020. In India, the market is forecasted to multiply three-fold from 2020 to 2025, reaching a projected $100 billion in sales. Built for today’s world of open commerce, Payoneer Checkout offers eCommerce merchants a simpler way to expand and grow through direct-to-consumer sales all around the globe.
Building on its leadership in marketplace payments and B2B payments, the launch of Payoneer Checkout creates a unified experience for Payoneer's eCommerce merchants across multiple digital channels. By consolidating all their funds across marketplace and direct sales channels in Payoneer's multi-currency accounts, merchants can manage their accounts payable needs, gain access to working capital, and use their funds to pay for business expenses such as digital advertising. Payoneer Checkout is currently available in Asia-Pacific and will gradually be extended globally.
Merchants can integrate with Payoneer Checkout directly or via ecommerce platforms, thereby simplifying the way merchants set up their stores and start accepting payments from customers worldwide.
Commenting on the announcement, Scott Galit, Chief Executive Officer of Payoneer said: “Payoneer was founded with the idea that technology and the internet were transforming commerce and making it possible for anyone, anywhere to build and grow a digital business. Today’s SMBs aspire to sell through multiple channels, which brings about the challenge of managing multiple payment setups. Expanding into payment acceptance is a very natural extension of our offering for SMBs, empowering them to participate in the digital economy by transacting globally as easily as they do locally. I’m pleased to announce that through Payoneer, SMBs can now get paid by other businesses, by digital platforms and marketplaces, and now, by consumers that are drawn to their brands.”
Keren Levy, President and General Manager of Merchant Services, Payoneer, said: “The Payoneer ecosystem is all about connecting SMBs to the global digital economy. Our customers are already showing a huge amount of enthusiasm about Payoneer Checkout because figuring out the complex path of how to pay and get paid across borders is one of the biggest barriers businesses face when trying to grow globally. Small business owners don’t have time or resources to optimize complex offerings such as cross-border payments on their own. Through services like Payoneer Checkout, we are proud to take another step in our journey to imagine, engineer and inspire a universal future for commerce in which the entire world can realize its potential.”
Payoneer is the world's go-to partner for digital commerce, everywhere. From borderless payments to boundless growth, Payoneer promises any business, in any market, the technology, connections and confidence to participate and flourish in the new global economy.
Since 2005, Payoneer has been imagining and engineering a truly global ecosystem so the entire world can realize its potential. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to the world's leading digital brands like Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a universe of opportunities, open to you.
Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of Payoneer, may be considered “forward-looking statements”. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to the occurrence of any of the risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements”, as well as any further risks and uncertainties contained, in Payoneer’s Annual Report on Form 10-K for the period ended December 31, 2021. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Payoneer does not undertake any duty to update these forward-looking statements.
