SAN MATEO, California, May 13, 2020 /PRNewswire/ -- Global payments and e-commerce services provider PingPong Payments, has announced the first-ever payments processing and currency exchange service for the UAE currency, the Arab Emirates dollar (AED), breaking open access to the fast-growing MENA market for U.S. and international products and services sellers. AED is the latest currency 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.
The Middle East and North Africa (MENA) region is on the verge of a pivotal shift, with e-commerce emerging as a significant growth market – forecast to increase 350 percent, to reach a massive $28.5 billion by 2022.1 The UAE is the MENA region's fastest growing country, with high levels of income, high smartphone and internet adoption and a favorable regulatory landscape, allowing international commerce to flourish and positioning it as a platform for accessing the broader MENA market.
"As global markets, and particularly the U.S. market, for products and services tightens due to the COVID-19 pandemic around the world, U.S. and global sellers of goods and services across all segments and over Amazon and other platforms will be looking to overseas consumer and business markets to expand revenues to compensate for domestic sales shortfalls," said Kenny Tsang, Managing Director at PingPong Payments. "Our opening up the UAE market to fast, easy and low rate AED currency conversions gives merchants and e-commerce sellers access to a significant new revenue channel to sell their goods and services across one of the world's fastest growing regions - countries across the Middle East and North Africa. We are proud to be the first global payments provider to offer AED exchange services, opening up a thriving new market for our customers to both send and receive money, and increase sales."
With the addition of AED currency conversion services, PingPong Payments now offers marketplace sellers in the U.S. and other geographies the broadest global market access with exchange capabilities across currencies that include the U.S dollar (USD), Canadian dollar (CAD), Australian dollar (AUD), Japanese yen (JPY), 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 merchant and e-commerce seller growth and expansion into overseas markets like MENA with local country compliance and tax and customs registration and payment, supplier validation and payment, and market intelligence, marketing and sales support services.
"Venturing into overseas markets can be intimidating for many businesses", added Tsang. "We help marketplace sellers of any size over e-commerce platforms like Amazon and others overcome the challenges of expanding into unfamiliar, emerging markets by becoming a true growth partner and global launch pad for their business. Going the extra mile through opening local AED bank accounts, with low exchange rates, and providing convenient, hassle-free service, will help enterprises access an alternative, high growth market that can be a lifeline for businesses hit hard by the COVID-19 crisis."
About PingPong Payments
PingPong Payments was founded in 2015 with the mission of helping global e-commerce sellers keep more profits by beating the rates traditional banks offer. Today, more than 42,000 e-commerce merchants around the world trust PingPong to help them save on cross-border payments, VAT & supplier payments, and more.
SOURCE PingPong Payments