Best Buy Canada Selects PingPong As Their First Cross-Border Partner To Drive International Growth on its Marketplace

Rhea-AI Summary

Best Buy Canada has partnered with PingPong as its first cross-border payment service provider for its Marketplace platform. This strategic collaboration, announced on March 10, 2025, aims to facilitate international expansion and enable payouts to global sellers.

PingPong, a leading cross-border embedded payment solutions provider, brings significant capabilities to the partnership with:

• Over 60 financial licenses worldwide
• Support for 100+ currencies
• Operations in 200+ countries and regions

The partnership is expected to increase Gross Merchandise Volume (GMV), reduce operational costs, and enhance both seller and buyer experiences. Best Buy Canada joins other major marketplaces like Wish and Wayfair in utilizing PingPong's international payment capabilities.

Positive

• New revenue streams through international market expansion
• Reduced operational overhead costs
• Enhanced marketplace capabilities through 100+ currency support
• Integration with established payment provider (60+ financial licenses)

Negative

• Initial investment and integration costs for new payment system
• Potential operational complexities from managing international sellers

NEW YORK and VANCOUVER, BC, March 10, 2025 /PRNewswire/ -- Best Buy Canada has selected PingPong, a world-leading provider of cross-border embedded payment solutions, to become its first cross-border payment service provider of record on its Marketplace. Leveraging PingPong's easy-to-integrate API, Best Buy Canada will begin expanding internationally and facilitate payouts to international sellers.

By leveraging PingPong's global capability BestBuy Canada will have the opportunity to unlock new revenue streams and cross-border operational efficiencies. To date, PingPong has secured over 60 financial licenses worldwide, supports transactions in more than 100 currencies and operates in over 200 countries and regions.

Sherry Zah, Vice President of Best Buy Canada's Marketplace business said, "Our new partnership with PingPong is a key part of our international growth strategy. The integration team at PingPong has facilitated a swift onboarding process. PingPong's global network and ecosystem will unlock new revenue streams for us as we look to expand our marketplace to new international sellers."

Best Buy Canada joins leading marketplaces like Wish and Wayfair in leveraging PingPong's sophisticated international payments capabilities. The partnership will increase Gross Merchandise Volume (GMV), reduce operational overheads, and enhance both the seller and buyer experience.

"Our work with BestBuy Canada is a testament to our capability to help businesses scale globally. With hundreds of thousands of customers using PingPong's ecosystem worldwide, we are uniquely placed to power cross-border payment services for enterprises of all sizes. We are excited to work closely with BestBuy Canada and drive long-term revenue growth for the business", said Alex Chen, Vice President, APAC, Head of Global Partnerships.

About PingPong 
PingPong was founded in New York in 2015, with the goal of solving the immense challenge of scaling enterprise businesses globally. Fast forward to today, and PingPong has become one of the world's leading global cross-border payments platforms, processing more than $250 billion USD. Our API-first cross-border payments platform integrates with enterprises to send, manage, and receive money faster on a global scale.

PingPong currently has 37 offices in 15 countries and over 1,000 employees. Our international presence helps businesses solve complex payment needs in every major economy across all time zones.

About Best Buy Canada
A wholly owned subsidiary of Best Buy Co., Inc. (NYSE:BBY), Best Buy Canada Ltd. is one of Canada's largest and most innovative omnichannel retailers, operating the Best Buy, Best Buy Mobile, Best Buy Express and Geek Squad (www.geeksquad.ca) brands. With over 320 Best Buy, Best Buy Mobile and Best Buy Express stores across Canada and an expanded assortment of lifestyle products offered through BestBuy.ca, Best Buy is a leader in total retail, catering to customers how, when, and where they want to shop. Best Buy Canada is committed to making a positive impact in the community with programs and partnerships that support youth to connect with technology to advance their education. For more information, visit BestBuy.ca.

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SOURCE PingPong

FAQ

What are the key benefits of Best Buy Canada's partnership with PingPong for BBY?

The partnership will increase Gross Merchandise Volume (GMV), reduce operational costs, and enhance seller and buyer experiences through cross-border payment capabilities.

How many currencies and countries does PingPong support for Best Buy's BBY international expansion?

PingPong supports transactions in over 100 currencies and operates in more than 200 countries and regions.

When did Best Buy Canada announce its partnership with PingPong for BBY marketplace expansion?

The partnership was announced on March 10, 2025.

Which other major marketplaces use PingPong's payment services alongside Best Buy (BBY)?

Wish and Wayfair also utilize PingPong's international payment capabilities.