International sellers can now receive payments through PingPong Payments when selling on Walmart’s marketplace. The integration could be a game changer.
What happened: Walmart’s marketplace has announced a partnership with cross-border payments company PingPong Payments.
PingPong already works with over 1 million online sellers.
What does it mean: International companies working with Walmart can accept payments through PingPong. This means remittance will be easier for international companies selling on Walmart.
Traditional payment institutions can be expensive for international sellers, and using a cross-border payment solution, such as PingPong, could result in savings when selling in the US.
Why is it important: More international companies will be willing to sell their products through Walmart if remittance fees are lower.
The US market is one of the biggest in the world and highly desirable to sell on, but high remittance fees can be a major turn-off for small international businesses.
An influx of cheaper international products could make Walmart’s marketplace more competitive in the face of rivals such as Amazon.