Since its IPO a year ago, Payoneer Global Inc. has capitalized on its capabilities in core cross-border payments capabilities, including direct transfers and bulk payments. Its reach now includes major international online marketplaces with its announcement on Wednesday morning that it will process payments for merchants selling on SEAGM, a Malaysia-based platform hosting merchants around the world.
Some 11 million consumers shop on SEAGM, according to the companies. The market specializes in movies, games, and music. With the link to Payoneer, “sellers in major markets can now be paid directly to their local bank accounts for the digital goods they offer on SEAGM,” says Nagesh Devata, senior vice president for Asia-Pacific at Payoneer. , based in New York, in a report.
With the global gaming industry booming, key to the deal is the ability to handle an array of payment methods in widely separated geographies, according to SEAGM co-founder and chief executive Tommy Chieng. “Thanks to Payoneer, not only will our platform be available for [game companies]but they will also enjoy and benefit from efficient and secure payment services without having to worry about distance,” he said in a statement.
The agreement with SEAGM comes as Payoneer has agreed to offer buy-it-now and pay-later options to its merchants through an agreement with Optty Pte Ltd., a Singapore-based BNPL platform. The deal, also announced on Wednesday, will allow sellers on Payoneer’s platform to choose from 41 Optty-hosted BNPL providers in 59 countries and 36 currencies. These include Afterpay, Affirm, Grab, Klarna and Zip. By working with Optty, Payoneer joins a number of major online platforms and payment providers, including Salesforce, Adobe Commerce and BigCommerce.
“Optty is an exciting new technology that gives us a way to quickly empower our customers to expand payment acceptance by adding new BNPL payment providers,” said Keren Levy, president and general manager of merchant services at Payoneer, in a press release.
Just one year old, Optty said he aims to capitalize on what he sees as growing demand among traders around the world for several BNPL options.
Founded in 2005, Payoneer has become a public company last spring in a merger with a special purpose acquisition company (SPAC). In May, the company announced it had named former Alibaba.com executive John Caplan as co-chief executive along with longtime CEO Scott Galit until the end of next year. At that time, Caplan will exclusively assume the role of CEO and Galit will remain in a “strategic role”, according to Payoneer’s announcement. A former executive of Mastercard and First Data, Galit has been CEO since 2010.