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.
E-commerce is entering a new phase. Independent sellers and DTCs are more prevalent in the global ecommerce market. $5.5 trillion in 2022. In 2022.
BNP Paribas is a top acquiring bank in EuropeThe most valuable payment brand is the Blue Card, issued by the bank giant. France. PingPong has been a partner with the bank since 2017, supporting accounts, collections and foreign exchange. This partnership allows them to further their payment 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 Assistance merchants with acquiring needs in the EU to quickly expand to the local market”, Global Institution Group Head, VP 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. PingPong supports online payments for top five card brands worldwide, and local payment methods such online banking transfers 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 said.
PingPong Payments has been granted the European EMI (Electronic Money Institutions) license. Luxembourg and is qualified to provide services such as payment, prepaid cards, acquiring, and e-wallets in the EU market. Xu also says, “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.”