PayPal, one of the major financial technology players across the globe, has managed to acquire Easylink Payment, an approved payment service provider in China. Following PayPal and WorldFirst, Payoneer is the third international payments platform to have been approved for offering online payments services in China through this strategic acquisition. The acquisition targets primarily Payoneer’s enhancement of its worldwide regulatory framework as well as extending Chinese companies bespoke services and solutions.
Payoneer aims at enhancing its offerings to its heterogenous clients in China by introducing the capabilities of Easylink for facilitating their international business operations. This transaction is a testament to Payoneer’s emphasis on expanding its footprint in major global markets and supporting small and medium-sized enterprises (SMBs) in their cross-border endeavors, although the financial terms of the transaction have not been disclosed.
This expansion is amidst a backdrop of increasing demand for solid cross-border payment solutions, with businesses ever more looking to discover compliant and efficient frameworks that are able to cope with the intricacies of global commerce. Payoneer’s foray into China’s regulated payments market is a reflection of its strategic emphasis on empowering global growth for customers.
