NEW YORK, June 30, 2020 /PRNewswire/ -- Global payments unicorn, PingPong Payments ($1.1bn), is celebrating five years of innovation and success, as it continues to support fast growth sellers in an emerging e-commerce retail landscape. Securing strong partnerships with reputable brands such as Citibank, J.P. Morgan and Wells Fargo, and winning licenses to operate in the U.S., Europe and Asia, PingPong has seen substantial growth – with over 500 employees and offices worldwide in Luxembourg, Hong Kong, New York and a soon to be opened office in Los Angeles.
PingPong's success has been driven by the rapid proliferation of the global digital marketplace – i.e. sites such as Amazon, eBay, and Rakuten – which millions of businesses are now using as a primary route to market as brick and mortar store sales drastically decline – with the market projected to reach a staggering $4.5 trillion by 2021.
As the global economy recovers from the COVID-19 pandemic and enters into a new normal, there will be a meteoric rise of digital point-to-point connections and entrepreneurship – with disruptors such as Zoom, Amazon, and Shopify leading the way and driving long term societal trends. Operating at the center of these trends can create global demand for products or services no matter what the broader economy is doing, whilst putting less agile competitors at risk.
With over 100,000 retail stores expected to close by 2025, more and more merchants will turn to global online marketplaces as a way of sustaining jobs and maintaining sales and profitability. Merchants will need to identify new high-growth overseas markets, to capture redirected spending – to sustain profits in the long-term, partnering with a payment provider to streamline payments and provide local operations, will prove essential.
Since 2015, PingPong Payments has acted as a multi-dimensional growth partner to online merchants by providing fast, reliable and low-cost payment processing services – including cross-border payments, VAT payments, supplier payments, and more. With the continuous support and $122 million investment (Series C) from Fidelity International and the gold seal of China International Capital Corporation (CICC), PingPong has developed an innovative stack of products unique to the market, with competitive and transparent fees, that allows e-commerce companies and merchants to keep more of their hard-earned profits.
Robert Chen, Co-Founder at PingPong Payments, comments: "PingPong was registered five years ago in New York, with the mission of helping global e-commerce sellers improve their bottom line, by beating the currency exchange rates offered by local banks, and the time-consuming practices that limit business productivity. We entered an unknown and untapped market, to help those merchants suffering from high exchange rates and low payment speeds. Today, PingPong Payments has helped over 600,000 cross-border merchants worldwide and processed a staggering $25 billion in e-commerce sales.
We pioneered transparent fees (capped at one percent) and high local service standards, and partnered with a worldwide network of premier partners, to ensure same day payments delivery was the new industry normal. Since launch, PingPong has saved 70 percent of the cost in the form of fees for Amazon and other platform sellers – which translates into a $2bn saving, from 2016 to 2019.
The global COVID-19 pandemic, which caused huge devastation to the retail industry, has accelerated the growth of online shopping – which is benefiting our business significantly. Our mission is to help sellers and merchants keep more of their profits and expand their revenues by allowing them to tap into the opportunities presented by overseas markets. As online shopping becomes the new norm post-pandemic, we can expect our customer base to expand exponentially."
Ning Wang, Co-Founder and Chief Business Officer, at PingPong Payments, comments: "In 2015, we uploaded the first line of data onto our server to start the journey of redefining cross border payment and e-commerce. Within 6 months, we were leading by example – setting up local customer service and sales teams to support cross border merchants worldwide. Although we are a global provider, we have a localized understanding of seller needs and understand the challenge and complexity of expanding and selling overseas on Amazon. Entering into a foreign market means adhering to entirely new foreign laws, taxes and product regulations, so we decided to take away that hassle for merchants, through our product VATZilla. This leaves them free to focus on optimizing their growth.
Today, we are the biggest third-party payments company on Amazon, supporting a total of 14 of their sites worldwide. Although a young player in the market, we have maintained profitability from year one while maintaining triple digit growth and gone from strength to strength. And this is only the beginning – there's roughly $1 trillion of cross border merchant transactions out there that we can help facilitate."
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, the company serves more than 600,000 online sellers worldwide, has processed more than $10 billion in cross-border payments for e-commerce merchants to-date, and transfers more than $100 million per day for international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT & supplier payments, and more.
SOURCE PingPong Payments