eBay has chosen fintech unicorn Payoneer as its main payments partner, after parting ways with PayPal and shifting to an in-house payments platform.
The move by eBay is part of its mission to modernise its marketplace, with the aim of removing complexities and creating a more streamlined payment experience.
Alyssa Cutright, VP of Global Payments at eBay, said: “Managing payments on our platform is a key component to enhancing the eBay experience for our customers. We’re excited to be partnering with Payoneer at a time of such growth for both our companies.”
Since April, Payoneer has managed payouts for eBay sellers from Greater China. eBay and Payoneer intend to expand the service to additional countries later in the year.
Scot Galit, Payoneer CEO, said: “We are honoured to partner with eBay, a true pioneer and giant in the world of ecommerce. Their goal of creating a streamlined, modern marketplace that simplifies cross-border commerce is one that resonates deeply with us and our customers.
“As a commerce-enabler, it is our mission to work with sellers across every platform where they transact. We look forward to working with eBay to provide the best possible experience to sellers all over the world.”
Cutting ties with PayPal
eBay first announced it was cutting ties with PayPal in 2018. At the time, the two companies said they would not be renewing the agreement to remain payments partners, which expired in July 2020.
According to Cutright, Payoneer’s platform will give buyers more options as it will enable eBay sellers to transact with customers across borders flexibly and securely.
The partnership follows a stellar fiscal 2020 for Payoneer, which saw its revenue increase by 11% to $94.7m. In addition, the fintech processed $44.4bn in volume in 2020, a 53% increase from 2019.
In the the digital edition of RBI April, editor Douglas Blakey spoke to Payoneer’s Chief Strategy Officer Charles Rosenblatt on the company’s plans for 2021 and beyond.