Through this collaboration, Etsy can streamline payments to sellers and help develop economic opportunities for more entrepreneurs in emerging markets. Etsy Payments is the core of the company’s payment technology, enabling flexible and secure payment infrastructure for buyers and sellers.
The partnership between Payoneer and Etsy leverages the former’s global infrastructure to provide services and simplified payouts to sellers in the currency of their preference. Initially, the service will be launched in Ukraine and Thailand, with plans to introduce it to India, Japan, Argentina, Chile, and Pery by the end of 2023. According to Payoneer’s officials, the company provides Etsy with infrastructure to support the expansion of its payment offering to sellers in emerging markets and navigating complex payment landscapes. The two companies aim to support underserved sellers in developing markets, providing them with improved access to global demand.
Moreover, Etsy’s representatives stated that the company’s objective is to expand its reach with Etsy Payments, enabling safer and more convenient shopping experiences. The collaboration allows Etsy to leverage Payoneer’s global reach to bring efficiency to sellers in regard to payouts, as well as to provide additional economic opportunities to businesses globally.
Based in the US and operating two-sided online marketplaces, Etsy connects millions of buyers and sellers around the world, with the company aiming to leverage the capabilities of business and technology to strengthen communities and empower individuals. Recently, Etsy
announced the multimarket expansion of Etsy Payments to sellers in seven additional countries, including Ukraine, India, Japan, Thailand, Argentina, Chile, and Pery. Through this, the company intended to expand its reach and provide payment technology that enables safe, secure, and simplified shopping experiences in its marketplace.
As a financial technology company, Payoneer aims to enable the world’s small and medium-sized enterprises (SMEs) to transact, conduct business, and grow globally. Since being founded in 2005, the company built a global financial platform that allows SMEs, particularly those operating in emerging markets, to pay and get paid, manage their funds, and expand their businesses. At the end of September 2023, Payoneer
expanded its relationship with Airbnb to support hosts getting paid in local currencies. The company continues to serve as a preferred payment provider for Airbnb across various countries, aiming to ensure fast and localised payments for hosts.
Moreover, at the beginning of August 2023, Payoneer
announced the asset acquisition of Spott, an Israel-based data platform, intending to better understand and serve customers. By integrating Spott’s capabilities, Payoneer can process large sets of data to apply advanced AI models and make predictions and decisions about its service offering for a global SME customer base.
