E-commerce platform Coupang joins hands with Payoneer to help sellers expand into the Korean market

Payoneer (NASDAQ: PAYO), a business technology company powering the global payments industry and new economic growth, announced a new partnership with Coupang, one of Asia's largest e-commerce companies , to provide millions of sellers around the world with easier access to and expansion into the Korean market. Coupang has leveraged Payoneer's expertise in the payment field to enhance the payment capabilities of its platform, allowing sellers on the Coupang platform to enjoy a smoother payment experience when handling cross-border business.

As Asia's leading e-commerce company, Coupang has more than 17 million active users and generated $15.6 billion in revenue in the past 12 months as of the second quarter of 2021. South Korea is Coupang's main market and the world's fourth largest e-commerce sales market. South Korea has attracted global sellers to enter due to its mature, diversified and globalized consumer demand for online goods.

Through this cooperation, sellers from all over the world in Payoneer's vast ecosystem, including sellers in China, Germany, Japan, the United Kingdom and the United States, will benefit from more convenient payment collection and withdrawal services when selling on Coupang, and more flexible management of global multi-currency payments. These basic tools will help sellers expand into new markets in and outside the Asia-Pacific region more easily. In addition, sellers can also enter Coupang efficiently and quickly through Payoneer's "Green Channel program ", obtain strong support from a professional team, and tap into new business growth opportunities by leveraging Coupang's advantages as South Korea's most popular online retail destination.

Gerald Hoe, Head of Overseas Seller Community Marketing at Coupang, said: "Our vision is to create a world where customers feel they can't live without Coupang. Providing the best customer service is key to achieving this vision, and our partnership with Payoneer is a testament to Coupang's commitment to our customers. Growing our global seller community will further expand product selection for our Korean users. In addition, providing our sellers with a smooth and convenient payment experience and joining Payoneer's Olive Branch Program means we can accelerate the onboarding of high-quality small and medium-sized sellers and enable safe business growth."

Nagesh Devata, Vice President of Payoneer Asia Pacific, said: "Working with the world's fastest growing and developing companies is one of the keys to Payoneer consolidating its position as an international digital payments leader and innovation pioneer. Coupang is at the forefront of the e-commerce wave and is well positioned to seize the rich opportunities the market offers. Payoneer's technical support and 'Olive Branch Program' will provide strong impetus for Coupang's global business growth."

Coupang

Payoneer

South Korea