Payoneer announces eBay cross border commerce deal

Payoneer is to manage payouts for eBay sellers from Greater China, with the two intending to expand the service to additional countries later in the year.

This follows eBay’s decision to part ways with PayPal and shift to an in-house managed payments platform.

“We are honoured to partner with eBay, a true pioneer and giant in the world of e-commerce,” says Scott Galit, CEO at Payoneer, which is valued at $3.3 billion and due to go public via SPAC in the coming months.

Thrilled to announce our new partnership with eBay enabling sellers in select countries to get paid for their #eBay sales!
Through #Payoneer, eBay sellers will benefit from fast access to funds and greater flexibility managing multi-currency, and more! https://t.co/ZpZnVbp9ZG pic.twitter.com/n1vXwQhXHi
— Payoneer (@Payoneer) May 4, 2021

“Their goal of creating a streamlined, modern marketplace that simplifies cross border commerce is one that resonates deeply with us and our customers.”

“Managing payments on our platform is a key component to enhancing the eBay experience for our customers,” adds Alyssa Cutright, Vice President of Global Payments at eBay.

“We’re excited to be partnering with Payoneer at a time of such growth for both our companies.”

“Together, we will build on the momentum that e-commerce has seen in the past year, helping sellers transact with customers across borders with flexibility and security, all on a simple, modern platform.”

Crypto and NFTs

eBay will continue to look at the possibility of accepting cryptocurrency as a form of payment in the future.

It is also exploring ways to get non-fungible tokens (NFTs) on its platform.

In an interview with CNBC, eBay CEO Jamie Iannone commented: “One of the great things about eBay is when there’s a new trend, it just shows up on eBay.”

“That’s what we’re seeing in areas like NFT, and we’re looking at how can we explore that better.”

He added that the company was always looking at the most relevant forms of payment.

It had no immediate crypto plans, but nonetheless was keeping an eye on this space.