NEW YORK, May 27, 2022 /PRNewswire/ -- PingPong Payments, one of the world's leading end-to-end payment solutions for global cross-border businesses, has entered into a partnership agreement for acquiring services with BNP Paribas, the largest European bank. PingPong Payments is the first cross-border payments company in the industry to support the EU's DTC (Direct-to-Consumer) market, adding to their suite of innovative payment solutions.
As e-commerce enters into a new development cycle, independent online sellers and DTC models have become increasingly prevalent in a global e-commerce market expected to reach $5.5 trillion in 2022. Global DTC sales grew 17 percent year-on-year in 2021, and European e-commerce sales are set to almost double from 2019 to 2025, heralding an unprecedented opportunity for DTC brands and independent sellers to achieve record levels of growth.
BNP Paribas is a leading acquiring bank in Europe, with the Blue Card issued by the banking giant representing the most important payment brand in France. Since 2017, PingPong has partnered with the bank, supporting accounts, collections, payments, foreign exchange, among other services, to build upon their payments infrastructure.
"By establishing a more comprehensive partnership with BNP Paribas, PingPong Payments will be integrated into the mainstream European financial system, providing greater access to a variety of local payment methods, and helping merchants with acquiring needs in the EU to quickly expand to the local market", VP Head of Global Institution Group, Aaron Xu stated.
Merchants can access PingPong's platform directly or integrate via API, to process payments to vetted suppliers, collect and convert payments at lower costs, and provide more transparency through their closed-loop payments ecosystem. At present, PingPong can support online card payments for the top 5 card brands worldwide and local payment methods such as online banking transfers, various e-wallets and Buy Now Pay Later (BNPL).
"Based on BNP Paribas' financial tools and infrastructure in the EU market, we will deeply integrate with PingPong's digital platform, risk control system and other fintech capabilities to help merchants conduct cross-border businesses with lower costs, higher success rates and lower payment risks." BNP Paribas stated.
PingPong Payments is one of the few companies to have obtained the European EMI (Electronic Money Institution) license in Luxembourg, and is qualified to provide services such as payment, prepaid cards, acquiring, and e-wallets in the EU market. Xu also states, "Based on our innovative payment technology and global licenses, we will soon release a one-stop digital payment service worldwide, including the EU. With these features, we will accelerate the globalization of SMEs, creating greater opportunities for businesses to scale internationally and expand beyond borders."
About PingPong Payments
PingPong Payments was founded in 2015 with the mission of helping global e-commerce sellers keep more of their profits, by beating the rates traditional banks offer. The company acts as a multi-dimensional growth partner to more than (1 million online sellers) worldwide: it has processed more than $90 billion in cross-border payments for e-commerce merchants to date, and transfers more than $150 million a day on behalf of international e-commerce sellers. Global merchants around the world trust PingPong Payments to help them save on cross-border payments, VAT and supplier payments, and more. PingPong works with reputable brands such as Citibank, J.P. Morgan and Wells Fargo that have won licenses to operate efficiently and are being subject to strong regulatory and supervisory frameworks across the U.S., Europe and Asia.
About BNP Paribas
BNP Paribas is the European Union's leading bank and a key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group's commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.
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Source: PingPong Payments