AliExpress has named PingPong Payments as its first external partner for cross-border payments, according to local news reports.
Yicai Global, the English-language news arm of Yicai Media Group, said that Chinese merchants have already been granted access to the PingPong cross-border collection option on the e-commerce platform of Alibaba Group Holding.
PingPong, which was founded in 2015, supports cash withdrawal in a range of currencies including offshore and onshore Chinese yuan. The company obtained its payment license in the United States in March 2015 and a permit in Europe in September 2017. It currently has more than 30 branches globally, and is backed by financial giants including Fidelity International, and China International Capital
The latest deal is reportedly part of Alibaba’s strategy to open its ecosystem to more partners globally. Last year PingPong launched payment services for Walmart, helping the retail giant to process transactions in both the United States and Mexico.
