DigitalCFO Newsroom | 30 May 2022
PingPong Payments has entered into a partnership agreement for acquiring services with BNP Paribas, the largest European bank.
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.”