Shopify strikes major deal with buy now, pay later service

Internet Retailing

1st May 2017

E-commerce platform Shopify has today announced a strategic partnership with zipMoney (Zip), the fintech company behind buy now, pay later service zipPay.

The partnership aims to accelerate the acceptance of zipPay across tens of thousands of Shopify merchants.

Hundreds of Shopify merchants already use the digital wallet solution, but that’s just a tiny fraction of the e-commerce platform’s 377,500 businesses globally.

“Our aim is for Zip to be everywhere people shop, providing consumers with interest-free flexibility at checkout,” Larry Diamond, zipMoney CEO and founder, said.

“Our partnership with Shopify provides enormous value to both retailers and consumers alike – providing payment flexibility online and instore.”

Zip has previously teamed up with eWay and Crazy Domains to reach more small businesses trading online, but this is Shopify’s first partnership with an Australian digital wallet platform.

The partnership comes as more and more retailers embrace alternative payment methods, including zipPay, Afterpay and Openpay, at checkout.

Myer and Forever New are just two recent examples.

Paco Suro, Shopify’s general manager of payments, has also noted this growing trend:

“We have seen the tremendous take up of alternative payments at the checkout as millennials and other customer segments seek better ways to pay,” he said.