Pay­oneer launches Korea of­fice, tar­gets SMEs

The Star Malaysia - StarBiz - - Star Sme biz -

PAY­ONEER, a New York-based pay­ments pro­cess­ing com­pany, of­fi­cially launched a new South Korea of­fice last Tues­day, tar­get­ing smal­land mid-sized busi­nesses here that sell their prod­ucts glob­ally via on­line mar­ket­places like Ama­zon and Alibaba.

"Launch­ing Pay­oneer's of­fice in Korea shouldn't come as a sur­prise. Korea is a fast-grow­ing econ­omy and the sev­enth big­gest e-com­merce mar­ket in the world," said Pay­oneer's gen­eral man­ager for di­rect busi­ness Eyal Moldovan.

For this rea­son, Korea has been at the top of the pri­or­ity list as Pay­oneer has be­gun set­ting up a pres­ence in Asia, in­clud­ing Ja­pan, China and the Philip­pines, ac­cord­ing to Pa­trick de Courcy, head of the Asia-Pa­cific re­gion at Pay­oneer.

Founded in 2005, Pay­oneer is a firm that fa­cil­i­tates cross-bor­der trans­ac­tions be­tween an on­line mar­ket­place and in­di­vid­ual sell­ers. It pro­cesses cus­tomer pay­ments made on e-com­merce sites like Ama­zon, Lazada and Shoppe, then passes on the pay­ments to sell­ers.

Pay­oneer's clients also in­clude free­lancers ac­tive on other on­line mar­ket­places such as lodging rental plat­form AirBnb and stock pho­tog­ra­phy mar­ket­place Getty Im­ages.

For a Korean busi­ness sell­ing a prod­uct on Ama­zon US, Pay­oneer would gen­er­ated a vir­tual US ac­count for that seller through which he or she can re­ceive cus­tomer pay­ments. Later, the funds would be trans­ferred to the seller's lo­cal bank ac­count via Pay­oneer.

The pay­ments pro­cess­ing firm says that by us­ing its plat­form – which col­lects a ser­vice fee of 1.2% or lower – clients can avoid var­i­ous trans­ac­tion fees gen­er­ated as money passes through var­i­ous en­ti­ties.

Pay­oneer also prom­ises to of­fer clients speed­ier ser­vices by com­plet­ing the pay­ment re­trieval process in just two days, com­pared to around a week that would be re­quired if tra­di­tional pay­ment pro­cess­ing chan­nels were used.

Look­ing ahead, Pay­oneer hopes to cap­i­talise on the grow­ing num­ber of cross-bor­der pay­ments be­ing made around the world. Cross-bor­der B2B pay­ments vol­ume is ex­pected to ex­ceed US$51 tril­lion by 2020 and US$85 tril­lion by 2025, with most of the growth com­ing from emerg­ing mar­kets, Moldovan said.

Pay­oneer Korea's of­fice is based at a WeWork of­fice in Gang­nam. It will be led by Lee Woo-yong, Pay­oneer's Coun­try Man­ager for Korea. — The Korea Her­ald/ANN

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