Credit: Pickawood on Unsplash.

PingPong Payments has launched a new supplier payment solution to allow online merchants and suppliers manage their international supply chain transactions and payments in real-time.

Supplier Pay facilitates instant account-to-account payments in domestic currencies for merchants and suppliers.

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This will help both parties to cut out intermediaries and save money on foreign exchange fees, while securing themselves from economic triggers such as inflation and currency fluctuations.

In May this year, PingPong debuted its supplier payment feature in the US. The company is currently expanding to Vietnam and India.

The launch comes at a time when consumers are forced to maintain digital spending behaviour as Covid-19 variants continue to emerge at some parts of the world.

Since its founding in 2015, PingPong has processed more than $90bn for its global eCommerce customers, and more than a million online merchants trust its platform.

It is claimed to transfer more than 150 million per day for international eCommerce sellers.

In May last year, PingPong launched the first UAE currency exchange and payments processing service, adding the UAE currency to its global payments solutions.

The move allowed merchants and online sellers convert AED into other global currencies, thereby providing further impetus to international commerce.

Last December, the fintech unicorn secured an Electronic Money Institution licence from the Commission de Surveillance du Secteur Financier in Luxembourg.

PingPong achieved its unicorn status by reaching a valuation of $1.5bn in March this year.