Amazon Partners with Payoneer for Cross-Border Payment Capabilities

Global e-commerce giant Amazon has selected Payoneer Inc., an online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company to help expand its cross-border payment options to worldwide sellers, according to an Amazon statement.

The new partnership will see Amazon relying on Payoneer’s cross-border payment capabilities that upon completion will see an extension to sales on marketplaces across twenty-four countries, including the United States, most Western European countries, and the United Kingdom. The deal is notable given it's the first time that Amazon has decided to expand its Seller Central cross-border payment capabilities through an external payment solution.

Payoneer will also maintain its select payment solution for countries within the existing Amazon Seller Central terminal. Amazon selected Payoneer in a bid to help streamline selling from leading markets in Asia, namely China, Japan and South Korea, that regularly receive Amazon disbursements.

As per the agreement with Payoneer, Amazon sellers will now be afforded the opportunity to sign up for Payoneer directly via the Amazon Seller Central portal, whereupon sellers will be able to collect disbursements. These disbursements will be able to be done in conjunction with a local bank account withdrawal or a Payoneer Mastercard.

According to Scott Galit, CEO of Payoneer, in a recent statement on the agreement, "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. 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."