Global payments and e-commerce services provider PingPong Payments, today announces expanded payments processing and currency exchange services for both the Polish (PLN) and Swedish (SEK) currencies, allowing access to these growing markets for U.S. and international products and services sellers.
Both PLN and SEK are the latest currencies to be added to PingPong Payments' global payments solutions, which now offers merchants and online sellers, over Amazon and other platforms, the most currency conversion service options and widest international market access for payments transactions. PingPong Payments is currently the only Amazon Payment Service Provider that offers the Polish currency.
Sweden and Poland are two of Europe's fastest-growing e-commerce markets. Poland has seen unprecedented growth in online sales due to Covid-19, with nearly 80 percent of internet users in Poland making online purchases. Leading Polish e-commerce platform Allegro reports that 20m clients visit its website every month. Similarly, in Sweden, revenue in the e-commerce market amounted to US$11,211m in 2020 and is expected to grow by 5.2 per cent annually, resulting in a market volume of US$13,729m by 2024.
"During a year that saw many traditional businesses disrupted by Covid-19, PingPong has been able to successfully support a surging e-commerce market and achieve global growth. Our ability to now offer both Polish and Swedish currency exchange services will provide U.S. and international merchants with access to two of the fastest-growing, richest e-commerce markets in Europe," said Kenny Tsang, Managing Director at PingPong Payments.
With the addition of PLN and SEK currency conversion services, PingPong Payments now offers marketplace sellers in the U.S. and other geographies support with: the U.S dollar (USD), Canadian dollar (CAD), Australian dollar (AUD), Japanese yen (JPY), Arab Emirates dollar (AED), Euro (EUR), British pound (GBP), Chinese yuan (CNH), Hong Kong dollar (HKD) and Singapore dollar (SGD).
In addition to cross-border payments processing and currency exchange services, PingPong Payments supports U.S. and international seller growth in overseas markets via additional services including lending, payroll and virtual account solutions. This includes tax and customs registration, supplier validation and payment, market intelligence, and marketing and sales support services.
"Our innovative payment services have enabled us to become the chosen multidimensional partner of growth to hundreds of thousands of professional sellers, who wish to expand sales internationally. We support our merchants in a way the banking system was not built to, by beating traditional rates and reducing cross-border payment friction through our unique virtual accounts, which mitigate anti money laundering challenges," Kenny added.
"Merchants should be strengthening their supply chains for year-round international sales instead of waiting for peak seasons. By partnering with the right network of cross-border payment services, e-commerce merchants can instantly collect, convert and transfer money from all corners of the world, and set their sights on global domination post pandemic. We save cross-border merchants both time and money through innovative services such as VAT processing and opening local bank accounts - allowing them to keep more of their hard-earned profits," Kenny further added.
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( With inputs from ANI )
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