FiftyOne Inc. has signed a cooperation agreement with PayPal Inc. which will allow international customers who shop with US retailers who use FiftyOne's platform to use PayPal to pay in the customers' local currency.
Last month, "Globes" named FiftyOne as one of Israel's most promising start-ups for 2012. The company provides e-commerce solutions for leading US retailers, such as Bloomingdale’s and Macy’s to sell goods worldwide. Until now, payment was made in local currency or via PayPal in dollars. Under the new cooperation agreement, retailers will be able to let their online customers make secure payments via PayPal in local currencies.
New currencies added for PayPal support include the Brazilian real, Swiss franc, Czech koruna, Danish krone, Hong Kong dollar, Hungarian forint, Israeli shekel, Japanese yen, Mexican peso, Norwegian krone, New Zealand dollar, Philippine peso, Polish zloty, Swedish krona, Singapore dollar, Thai baht, Turkish lira, and Taiwan dollar.
"PayPal has been a growing presence in the mix of payment methods used by our international customers, and we are excited to enable this option for more of our geographies,” said FiftyOne Global Ecommerce CEO Michael DeSimone. “Leading retailers in the US rely on FiftyOne to help them enter new markets abroad; one of the keys to success is localizing the experience. Offering shoppers familiar payment options with prices in the local currency improves the user experience and builds trust among consumers."
PayPal Israel and Africa regional manager Efi Dahan said, "The decision to collaborate with FiftyOne is an important strategic step for the company at the global level, and is good news for Israeli consumers. The option of providing maximum accessibility to websites by conversion into the local currency, and now the option of paying in the local currency via PayPal creates a winning mix that will encourage many consumers to switch to buying online, which will greatly save costs while enjoying the huge diversity that a retailer has to offer."
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2012
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