Payoneer, Coupang partner to open up Korean ecommerce market

Fintech company Payoneer and ecommerce giant Coupang have teamed up to allow sellers from around the world to more easily expand into South Korea.

Photo credit: Coupang

By leveraging Payoneer’s technology, sellers on Coupang can now enjoy more seamless payments for their cross-border businesses. They will also get access to the startup’s Green Channel program, which lets these merchants sell more easily on Payoneer’s partner marketplaces across the globe.

“Providing our sellers with a streamlined payments experience and access to Payoneer’s Green Channel program means we can onboard quality small businesses faster and enhance our growth in a safe way,” said Gerald Hoe, head of global marketplace at Coupang.

Through this partnership, merchants in Payoneer’s ecosystem spanning China, Germany, Japan, the UK, and the US will benefit from faster access to funds and flexibility in managing multi-currency payments when selling on Coupang.

See also: Can Coupang out-Amazon Amazon in Southeast Asia?

One of Asia’s largest ecommerce companies, Coupang has over 17 million active customers as of the second quarter of 2021. It generated US$15.6 billion in revenue over the last 12 months.