Shopify has joined hands with real-time payments gateway Volt making it the e-commerce platform’s global open banking partner. Shopify merchants all across Europe, Brazil and the United Kingdom that have integrated Shopify can access Volt’s services. They can offer their customer a ‘Pay by Bank‘ solution of Volt at the checkout, thus allowing their buyers to initiate real-time account-to-account payments.
Merchants in other countries will be able to have access to Volt’s ‘Pay by Bank’ solution over the coming months. Australian merchants will get access to the solution in Quarter 4, 2023.
Open banking is experiencing hockey-stick growth around the world because it’s faster, easier and more secure compared to incumbent payment methods. It’s a digital solution for the digital age, and we’re delighted to be bringing it to Shopify’s impressive merchant base.
Matt Komorowski, Chief Revenue Officer, Volt
Making Commerce Better For Everyone
Elated to collaborate with Shopify, Matt Komorowski, Volt’s Chief Revenue Officer, said in a statement, “We’re delighted to partner with Shopify, the leading global commerce company. We’re aligned in our ambition to make commerce better for everyone, and real-time account-to-account payments represent real progress in this regard.
“Open banking is experiencing hockey-stick growth around the world because it’s faster, easier and more secure compared to incumbent payment methods. It’s a digital solution for the digital age, and we’re delighted to be bringing it to Shopify’s impressive merchant base,” Komorowski said.
Ritu Khanna, Vice President of Global Partnerships at Shopify commented on the partnership saying, “Volt stood out as an open banking payments provider owing to its infrastructure, the ease by which merchants can integrate its checkout, and its proven track record in the field.
“We’re pleased to offer Volt’s ‘Pay by Bank’ option to our merchants at this global moment of change for payments, and we look forward to them – and their customers – realising the benefits of open banking and account-to-account technology,” Khanna added.
About Volt
Volt is a global open payments gateway based in London. Established in 2019, Volt’s open payments gateway enables PSPs and merchants to initiate transactions safely between accounts held at over 5,000 banks in EU, Brazil and the United Kingdom. Lately, the company raised $23.5 million in Series A funding. Tom Greenwood is the founder and Chief Executive Officer of Volt.
Since its launch in 2006, Shopify has established its presence across 175 countries and processed $700bn in sales. Amidst an increase in demand from merchants, the e-commerce giant started looking for open banking partners to facilitate faster, safer and cost-effective payments. As per data from Juniper Research, the value of global open banking payments is reported to rise from $57bn in 2023 to $330bn in 2027.
