Shopify, on Thursday, announced a collaboration with Payoneer, PayGlocal and Tazapay, leading payment companies in India. With Payoneer, PayGlocal and Tazapay on board, Shopify merchants in India will get over 80 new payment methods on the platform. The partnership aims to ease cross-border commerce for Indian merchants like lower transaction fees, offering stronger conversion and facilitating international payments.
At present, 1 out of 5 merchants in India trade internationally with an average of four international markets, thus reaching over 70 million shoppers from across the world. Lately, Shopify has been encouraging global commerce by removing payment barriers for merchants. The company has been taking necessary steps to enable minimum transaction fees and hassle-free procedures.
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.
Bharati Balakrishnan, India Country Head and Director, Shopify
Multiple Benefits For Merchants, Says Shopify’s India Country Head
“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,” she added.
Payoneer Aims at “Simple, Compliant And Secure” Payments
Commenting on the integration, Gaurav Shisodia, Country Manager, India, Payoneer 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”.
Tazapay Provides Buyer Protection, Says CEO
“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, CEO, Tazapay.
“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,” he further added.
PayGlocal to “Provide Best-in-class Experience”
“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,” said Rohit Sukhija, Cofounder and CPO, PayGlocal.
“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. Through our services, we are certain that we will be able to create a hassle-free and cost-effective payments ecosystem on Shopify,” he added.
The new payment methods will help merchants to effortlessly process payments done through localised modes available in countries across the globe. Beneficial to both merchants and customers, the partnership will bring stability in cross-border payments. It will be available to all merchants who have their store on Shopify.
About Payoneer, Tazapay And PayGlocal
Payoneer, founded by Yuval Tal in 2005 is an American financial services company. Payoneer claims to provide “secure, fast and cost-effective international payments, across more markets and more currencies” to its 5 million customers. In June 2021, the company went public on NASDAQ under the ticker PAYO. At present, it has 24 offices across the globe with 2000 employees.
Tazapay, established in 2020 has its headquarters in Singapore. Founded by Abhishek Sharma and Rahul Shinghal, this cloud-based trade management platform works toward making global business easy and secure especially for small and medium-sized businesses (SMBs). It provides online checkout, escrow, and treasury solutions. At present, the company is helping merchants to trade in more than 173 international markets.
PayGlocal, an India-based global FinTech company promotes cross-border commerce for the Indian ecosystem. It was founded by Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain in 2021. PayGlocal allows merchants to accept cross-border payments in their choice of currency via cards or non-card payment options.
Paytm Payment Gateway And Shopify Partnership
Paytm Payment Services Limited announced collaboration with Shopify in late August this year. Paytm Payment Gateway is integrated into the Shopify Payments platform, launched in June 2021. The platform helps merchants unlock new sales growth opportunities. The popularity of Paytm Payment Gateway and the latest checkout technology of Shopify will help boost sales growth for merchants across India. With this collaboration, store owners will be able to accept payments via Paytm Wallet, Paytm UPI, Paytm Postpaid (Buy Now, Pay Later), net banking, debit cards, credit cards and more.
“Our partnership with Shopify will bring benefits of seamless activation and superfast payments, to thousands of merchants on their platform. As pioneers of digital payments in the country, we remain committed to empowering our merchant partners with innovative omnichannel payment solutions,” said Nakul Jain, CEO, Paytm Payment Services Limited.
Shopify’s Bid to Capture International Selling Market
Shopify launched Shopify Markets Pro and Shopify Translate & Adapt on September 14, 2022. Both the products are based on the massive success of Shopify Markets, which allows online merchants to sell products across the globe. The launch aims to democratize small business owners’ access to international commerce. The new Shopify Markets Pro will help merchants globally expand their business.
Shopify Markets Pro will not only manage taxes on behalf of merchants but also introduce affordable shipping and localised customer experience. To help merchants sell their products in different countries with different tax and duty compliance, Shopify Markets Pro manages all complexities involved on the behalf of the store owner. It also offers affordable express shipping with DHL with the best competitive rates, negotiates on merchants’ behalf and ensures safe and fast delivery. Last but not the least, by providing customers options like local currency, local payment methods and no hidden fees on delivery, it aims to provide localised customer experience to each of the shoppers.
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Meanwhile, Shopify Translate & Adapt, a localisation tool compatible with Shopify Markets and Shopify Markets Pro will help in localizing customer’s journey as quickly and accurately as possible. The new tool will translate the information on an online store into different languages. Different shipping terms can be created for different markets. According to data published by Shopify, translating content increases gross merchandise value from local buyers by 13 percent.