Miscellaneous

PingPong launches global payment service for Indian sellers

ANI | July 19, 2019 12:32 PM
PingPong

Bengaluru (Karnataka) [India] July 19 (ANI/ NewsVoir): PingPong is one of the world's fastest-growing cross-border B2B payment platforms and has announced its launch in the Indian market, providing cross-border payment services for Indian sellers.

PingPong's cross-border payments business has won the praise of the first batch of Indian domestic sellers. "It's great working with a company that knows how to keep its customers happy and guides the process patiently. I got my first transfer free which I don't think any other company could afford", said Arshad, a successful Amazon seller and one of PingPong's clients.

"India is the fastest-growing economy in the world and is rapidly entering a new era of the digital economy. We are very glad to be rooted in India to break down barriers in e-commerce for local cross-border sellers, minimizing expenditure costs and improving cash flow. At the same time, we can help them receive the payments safely and efficiently", said Sidharth Prasad, Head of Sales in PingPong.

"This is what PingPong is best at. In the past four years, we have built a wide network of global cooperative banks as well as a global compliance payment system; we also have obtained the business qualifications of the European Union, the United States, Japan, Hong Kong and other places, serving 250,000 sellers worldwide", he added.

At present, the fee rate of payment companies in the Indian market is maintained at more than 2 per cent. Take a company with sales of ten million rupees as an example, the service fee for cross-border payment that is needed to be paid is 2,00,000 rupees or even more, which has created a lot of burden for cross-border companies.

PingPong simply has a 1 per cent fee rate in India, which means that cross-border sellers who use PingPong can save at least half of the service fee during the payment process. Earlier reports said that PingPong has saved more than USD 1 billion in service fees for cross-border sellers around the world selling on marketplaces like Amazon, Wish, Cdiscount, Shopee and Rakuten.

PingPong also provides solutions to the problems of slow cash withdrawal and complicated fund management in multi-platform stores. Currently, PingPong can facilitate the withdrawal within one working day, which is faster than the industry average.

In order to meet the global sales needs of Indian sellers, PingPong will use the strategic partnership with international mainstream e-commerce platforms to introduce Indian sellers to Wish, Cdiscount, Shopee, Rakuten and Shopify to provide Indian sellers with wider sales channels.

PingPong's operation interface is fast and easy to use. Only one PingPong account is required and Indian sellers can realize multi-platform and multi-store unified management, and PingPong supports mainstream currencies such as US dollar, British pound, Euro, Canadian dollar, Australian dollar and Japanese yen.

The security of funds is one of the important considerations for cross-border sellers to choose a payment platform. PingPong has established a high-standard comprehensive and secure trading system to ensure the strict protection of user information and financial security including, regulatory, financial, and program compliance.

PingPong has owned its exclusive core technology-PINO, the anti-cheat technology patents and has already been independently tested and evaluated by an authoritative third-party agency in the United States. In addition, PingPong has established partnerships with international first-class clearing banks and top financial institutions.

"Our mission is to help cross-border sellers improve their competitiveness globally. India is one of our key target countries. We hope to create value for them not only in the cross-border payment field but in all aspects of the e-commerce value chain", said Sidharth Prasad. PingPong will also launch pay VAT, bill payment and other services in India.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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