Amazon Picks Payoneer For X-Border Payments

Amazon and Payoneer announced yesterday (Nov. 4) that Amazon has chosen the online payments company to expand its cross-border payments option for sellers on its marketplace.

Through this partnership, Payoneer will serve as Amazon’s payments provider for sellers across 24 countries, which includes Amazon’s marketplaces in the U.S., Spain, France, Italy, Germany and the U.K. By acting as an online payment solution for those countries within Amazon Seller Central, Payoneer aims to provide a more seamless payment method for sellers in select markets (including China, Japan and South Korea) to receive cross-border payments.

“We’re very excited to work with Amazon and support the needs of the rapidly growing cross-border e-tailing community by providing efficient and easy payments,” said Scott Galit, CEO of Payoneer. “Amazon is the driving force in empowering the world of eCommerce by connecting buyers and sellers from all over the world. Today, marks yet another step in our mission to streamline every step of the payment cycle for both marketplaces and sellers.”

Through its partnership with Payoneer, Amazon can enable its sellers to sign up for Payoneer directly from the Amazon Seller Central section. Once registered, sellers receive online accounts that can collect Amazon disbursements, which links access to these disbursements through local bank account withdrawal or by using a Payoneer MasterCard.

This partnership is a first for Amazon as it expands its Seller Central cross-border payment capabilities through a third-party payment solution. With sellers in more than 100 countries, Amazon aims to make cross-border commerce between its sellers easier in order to enable those sellers to get paid faster and easier.

And with eCommerce sales projections on target to hit $3.5 trillion in the next five years, Amazon has positioned itself to keep up with the cross-border commerce trends.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.