PayPal announced that it will further expand its global strategic partnership with Shopify Inc., a leading US e-commerce solution provider.
$PayPal (PYPL.US)$As part of the collaboration, PayPal will become an additional online credit card and debit card processor for the Shopify Payments platform through its PayPal Complete Payments service.$Shopify (SHOP.US)$PayPal Complete Payments is a marketplace and platform solution that consists of a range of flexible and powerful developer tools. The enhanced functionality of this collaboration will provide Shopify merchants with a unified payment platform aimed at improving their operational efficiency.
Alex Chriss, CEO of PayPal, stated, "This expanded partnership further solidifies PayPal's position as the preferred platform for global leading business brands, technology companies, and payment processors."
The latest partnership update in the USA follows the launch of Shopify Payments in France in 2022. In pre-market trading on Monday, both PayPal and Shopify saw an increase of over 1% in their stock prices, showing a positive market response to this partnership news.
Through this partnership, PayPal and Shopify aim to provide a more seamless payment experience for merchants and expand the global market influence of both companies. This not only helps simplify the payment process for merchants, but also has the potential to attract more merchants to join Shopify's e-commerce platform, thereby driving the growth of both businesses.
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