OTT Pay, a Canada-based FinTech company providing payment services, rolled out an integrated payment feature with Shopify. The new offering will serve as a reliable and secure gateway for both shoppers and merchants, thus facilitating transactions. Shopify Plug-in seamlessly connects store owners of Shopify with myriad payment mediums via OTT Pay. It offers an easy solution for merchants to efficiently manage their transactions and provide the best service to their customers from around the world.
The advanced payment solution of OTT Pay will help Shopify store owners by securely and timely processing cross-border transactions. Merchants will also get to choose among the main payment methods with just a single plugin integration. OTT Pay’s extensive service network will also help Shopify merchants in marketing their brand to China’s 1.1 billion mobile users and bagging new opportunities for growth and revenue.
“OTT Pay is seeking broader partnerships with e-commerce platforms such as Shopify to serve merchants with cost-effective and reliable payment services while lowering barriers between their businesses and customers,” said Stanley Yu, CEO of OTT Pay.
What is OTT Pay
OTT Pay offers quick, smooth and secure payment solutions enabling seamless transactions, both online and in-store. It allows businesses to accept payments via traditional means such as Visa and Mastercard besides QR code-based digital payment methods like WeChat Pay, Alipay, and China UnionPay. OTT Pay is a subsidiary of OTT Financial Group, established in 2006 and connects Canadian merchants with Chinese consumers.
OTT Pay was the first Canadian payment service provider to collaborate with Shopify in order to introduce China-based payment channels like UnionPay and WeChatPay to the platform. On its LinkedIn page, OTT Pay states: “As the official partner of the world’s biggest payment leaders Alipay, WeChat Pay and UnionPay, we also offer marketing solutions that enable merchants to expand their reach in the Chinese consumer market.
Shopify’s Collaboration With Other Payment Companies
Shopify announced a partnership with Payoneer, PayGlocal and Tazapay, leading payment companies in India in the first week of December 2022. With the three new companies on board, India-based merchants on Shopify will have access to over 80 new payment methods on the platform. The collaboration is meant to ease cross-border commerce for Indian merchants by lowering transaction fees, facilitating international payments and offering stronger conversion.
“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. 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,” said Bharati Balakrishnan, India Country Head and Director at Shopify.
Payoneer, is an American financial services company founded in 2005 by Yuval Tal. Tazapay is a cloud-based trade management platform that works especially for small and medium-sized businesses (SMBs) by making global business secure and smooth for them. Established by Abhishek Sharma and Rahul Shinghal in 2020, Tazapay has its headquarters in Singapore. PayGlocal is an India-based global FinTech company that promotes cross-border commerce for the Indian ecosystem. The company was established in 2021 by Prachi Dharani, Rohit Sukhija, Yogesh Lokhande and Ruby Jain.
About Shopify Payments
Shopify Payments is one of the tools of Shopify meant to simplify online selling. It ensures online payments acceptance without a third-party payment app. Currently, Shopify Payments is available in 20 countries worldwide.
For Shopify Payments, merchants don’t have to register their bank account credentials with Shopify. They just have to create a store on Shopify and set up Shopify Payments to accept all major payment methods. Shopify Payments integration does not charge anything from merchants for third-party transactions. Customer payments are processed through Shop Pay, which also comes in installments option, and Paypal Express.
