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.
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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.
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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.
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