The partnerships are an extension of Shopify’s continued efforts at promoting cross-border business for its Indian merchants
India | December 08, 2022: Shopify Inc. (NYSE, TSX: SHOP), a provider of essential internet infrastructure for commerce, today announced its partnership with Payoneer, PayGlocal and Tazapay, leading cross-border payment providers for merchants in India.
The addition of new payment partners is aimed at streamlining cross-border commerce for Indian merchants on Shopify, with around 1-in-5 now selling internationally to an average of four international markets, reaching more than 70 million shoppers from around the world. The collaboration is in line with Shopify’s continued focus on promoting cross-border business by enabling merchants to receive payments with hassle-free procedures and lower transaction fees.
Shopify’s association with Payoneer, PayGlocal and Tazapay will add more than 80 new payment methods to the platform, offering stronger conversion, lower transaction fees, and broadening the acceptance of international payments.
Payoneer, enables millions of companies and individuals from more than 200 countries and territories to collaborate and advance internationally. Enterprises, and professionals from all over the world can pay and be paid worldwide just as simply as they can locally thanks to Payoneer’s quick, adaptable, secure, and affordable solutions. Tazapay works towards enabling trust in cross-border trade for small and medium-sized businesses (SMBs) by combining the latest financial tech and services to make international trade safe and simple. Currently, the company is enabling merchants to run business in 173+ markets. PayGlocal, an India-based global payments company, fosters cross-border business and global commerce for the Indian ecosystem through its suite of solutions focused on business, experience and associated risk.
“Reliable payments are a key enabler for merchants to go global effortlessly. Since cross-border transactions form an invaluable share of business for Shopify India merchants, we’ve collaborated with Payoneer, PayGlocal and Tazapay in a bid to make international payments seamless and more cost effective,” said Bharati Balakrishnan, India Country Head and Director at Shopify. “Our partnership offers multiple benefits for our merchants, including quicker settlement, better chargeback protection, native risk engine built to prevent fraudulent transactions, and additional local support.”
On the integration between Shopify and Payoneer, Gaurav Shisodia, Country Head, India said, “At Payoneer, we are committed to partnering with customers to help achieve their true potential by expanding their business internationally. With the D2C opportunity booming globally, our partnership with Shopify will make it more seamless for Indian brands looking to enter this space and go global, by keeping payments simple, compliant and secure”.
“For most Indian merchants, having the ability to collect payments from their overseas buyers in an easy-to-use, cost-effective way is paramount. What Tazapay offers on Shopify is the ability to collect payments from their international customers using not only credit cards but also cheaper, local payment methods in over 85 countries globally. Tazapay also provides Buyer Protection for all transactions,” said Rahul Shinghal, Tazapay’s CEO. “Our partnership with Shopify reduces costs and increases conversion rates for these merchants, giving them access to a larger customer base globally. In addition, Tazapay is very transparent about FX, enabling the merchants to accurately manage their cash flow and P&L.”
“PayGlocal and Shopify share the common vision of boosting global commerce. Merchants doing cross-border business often face challenges with longer payment chains, higher risk, and fraudulent transactions. Their global customers want safer and smoother checkouts and to transact in currencies and payment methods of their choice. PayGlocal’s platform is designed to solve this while providing best-in-class experience. We support 120+ currencies, accept international cards, enable 40+ local payment methods, and provide end-end encryption as part of our offerings. As a result, our merchants see value through higher payment approval rates, lower chargebacks, and an overall smoother transaction. This partnership brings together everything Shopify merchants need to sell beyond borders,” said Rohit Sukhija, Cofounder and CPO, PayGlocal. “Through our services, we are certain that we will be able to create a hassle-free and cost-effective payments ecosystem on Shopify.”
The new payment methods will be available to all merchants across Shopify, and will enable them to seamlessly process payments made through localised payment modes present in different countries across the globe. The initiative will also promote stability in cross-border payments, helping merchants and customers alike to make the most of the platform.
