To date, the fintech specialized in cross-border payment has established direct partnerships with all six leading credit card schemes.
PingPong, a leading digital cross-border payment provider, recently entered into a direct partnership with JCB, whereby its Hong Kong-based merchants will be able to receive online payments from JCB cardholders worldwide. With this latest agreement, PingPong will have established direct relationships with all six major international credit card networks.
JCB, a major international card organization based in Japan, is now available in 150 countries and regions worldwide and has 146 million members, most notably in the Asia Pacific region where the company enjoys considerable advantages in terms of market share. After several reviews undertaken by JCB, PingPong has formally become the card issuer's member organization in Hong Kong according to their cooperation agreement. With the collaboration, the firm enables merchants in Hong Kong to receive payments from JCB cardholders in addition to VISA, MasterCard, American Express, UnionPay and Discover, further increasing their customer touchpoints.
Compared with banks, international card organizations have traditionally put in place more stringent membership requirements for non-bank payment institutions, which include a comprehensive assessment of payment service providers' compliance and operational qualifications, transaction history, risk management capabilities, customer service, and brand recognition across the cross-border payment sector. Currently, only a handful of payment service providers are qualified members of all six major international card organizations.
The direct partnership with JCB further strengthens PingPong's cross-border payment channels in the APAC region, in addition to its extensive consumer coverage in North America and Europe. As PingPong continues to purpose build for the evolving crossborder eCommerce industry, this progress will strengthen PingPong's ability to provide more cost-efficient, flexible, controllable, safe and convenient payment processing services.