FedEx Gets Deeper Into the Digital Payments Business

  • JJ Hornblass
  • April 7, 2016
  • 0

canstockphoto30491682Welcome to FedEx, the payments business.

Amazon may be taking on FedEx in its core delivery business, but FedEx is also beefing up its competition with Amazon, as well as digital payments companies the world over.

In an effort to capture a larger slice of the growing e-commerce market, FedEx re-launched its recently acquired Bongo International as FedEx CrossBorder, with an expanded offering of services to facilitate e-commerce. The company, now a subsidiary of FedEx Trade Networks, aims to simplify the cross-border e-commerce process for e-tailers through its integrated checkout and shipping approach. FedEx CrossBorder’s platform enables e-tailers to accept more than 80 different currencies through 15 different payment options, and then ship packages internationally with the option of letting FedEx handle customs and delivery. E-tailers can now send their orders directly to a FedEx site located within their country of operation, and from there FedEx CrossBorder can handle the shipment of the order to the customers’ international destinations.

FedEx generated $12.7 billion of revenue last quarter, an 8.5% increase over the same quarter in 2015.

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JJ started the first iteration of Bank Innovation back in 2007, and has been working on it ever since. He also serves as President & Chief Executive Officer of Royal Media, Bank Innovation’s parent. He founded Royal in 1995 and oversees all aspects of the New York-based diversified media company. Prior to forming Royal, JJ was on the editorial staff of American Banker, the daily newspaper, and worked as an editor of a business magazine in Hong Kong. As a reporter and editor, he has won journalism awards from the National Press Foundation, Newsletter & Electronic Publishers Foundation, and the Reader’s Digest Foundation. He has a BS in Economics from Yeshiva University and a Master’s from the Columbia University Graduate School of Journalism. He was also a Fellow at the University of Wisconsin-Madison Graduate School of Banking. He lives in New York City with his wife, two daughters, and son. He counts among his accomplishments one New York City Marathon, two New York City Triathlons and the 2010 Father’s Day 5K, the first race he ever ran with his daughters. He can be reached at hornblass@gmail.com or 212-564-8972.

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