LUXEMBOURG, June 1, 2023 /PRNewswire/ -- PingPong, a global leader in cross-border payments and financial solutions, has teamed up with Allegro, the Europe's premier online marketplace.
Starting this May, European merchants on Allegro can now enjoy the convenience of PingPong's seamless payment management across all their sites. This collaboration also means that PingPong can provide secure and efficient payment solutions to businesses selling in key European markets such as Poland, the Czech Republic, and more.
The new opportunities awaiting online merchants in Europe are endless, a significant market that contributes a staggering 22% to the world's economy, making it the second-largest economy globally. What's even more exciting is that the cross-border e-commerce market in Central and Eastern Europe is booming. According to Euromonitor data, Eastern Europe's cross-border e-commerce market reached an impressive $109.2 billion in 2021. The growth in Eastern Europe alone has surged nearly 30%, with Poland projected to reach $47.1 billion by 2025.
With a whopping 22 million active users each month, Allegro is a consumer magnet. This giant marketplace has captured the hearts of over 86% of Polish online shoppers, while effortlessly connecting with 440 million EU consumers, extending its reach across 24 European countries, particularly in Central and Eastern Europe.
Enter PingPong Payments, one of the few global companies boasting both Luxembourg and UK EMI licenses, ensuring compliance in 28 European countries. It has an unparalleled reach among cross-border payment providers in Europe, covering the entirety of the European market.
With strategic partnerships established with reliable financial institutions worldwide such as Citibank, JPMorgan Chase, BNP Paribas, and Standard Chartered Bank, PingPong is also a proud member of VISA, MasterCard, and Diner's Club. These strong connections enable PingPong to offer an extensive range of services to global businesses venturing into the European market.
PingPong has emerged as one of the pioneers in teaming up with Allegro to facilitate local merchant payments, specifically enabling sellers to receive payments in Polish Zloty and Czech Koruna. By providing an array of services ranging from product selection, operational support, card issuance, and VAT tax payment in Poland and the Czech Republic, we are empowering Allegro sellers to expedite payments and reduce transaction costs.
"Our experience with PingPong's payment services has been nothing short of impressive. We are delighted to partner with them. By choosing PingPong as our primary platform for processing local merchant payments, we aim to offer our European sellers enhanced payment options and an unparalleled payment experience. At Allegro, our focus is on providing users with the finest products and services," remarked Mateusz Dlugokecki, Allegro's Head of Group International Sellers & Fulfillment.
"This partnership signifies a major milestone for us at PingPong Payments. Our European branches and teams are committed to delivering round-the-clock, culturally sensitive services to local sellers. As a global payment platform, we're committed to expanding our compliance and payment network construction worldwide. We're all about helping businesses grow globally," said Alex Chen, PingPong's Vice President, Head of Business Development & Partnership.
