Merchants across Europe, the UK and Brazil that have integrated Shopify can now offer Volt’s ‘Pay by Bank’ solution at checkout, after the real-time payments gateway became an approved open banking partner of Shopify this week.
The solution enables merchants’ customers to initiate real-time account-to-account payments with funds settling near instantly, Volt said in a statement.
It will be made available to Shopify merchants in additional countries over the coming months, starting with Australia in Q4 2023. Data from Juniper Research predicts the value of global open banking payments to increase from $57bn in 2023 to $330bn in 2027.
Shopify, which has millions of active merchants across 175 countries, has processed $700bn in sales since launching in 2006. It has increasingly been seeking open banking partners amidst growing demand from merchants for faster, safer and more cost-effective payments.
Speaking on the announcement, Matt Komorowski, Volt’s Chief Revenue Officer, said: “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.”
Ritu Khanna, Vice President of Global Partnerships at Shopify, added: “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.”
