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 How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.