- Shopify Inc (NYSE: SHOP) will make its online payment system available to all retailers selling through Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, and Facebook Inc (NASDAQ: FB), extending an existing collaboration, Bloomberg Reports.
- Shoppers who connect with retailers through Instagram, YouTube, or Google Maps will pay for their purchase using Shop Pay starting in July for Facebook, and later in 2021, for Google.
- Shop Pay is a payment product that stores user information, speeding up online transactions.
- Currently, retailers have access to Shop Pay through these social media platforms. However, retailers must become Shopify merchants to take advantage of this.
- Shopify has started helping retailers build websites to move their stores online. It has expanded to offer a suite of products, including shipping, data analytics and small business loans, and now describes itself as a “retail operating system”.
- Small businesses pay a monthly fee for basic Shopify ecommerce software. Large companies can spend thousands of dollars per month depending on sales volume.
- Over a million merchants sell on the Facebook and Google platforms. Every day, more than 1.8 billion people log into Facebook and one billion shopping sessions take place on Google.
- Shopify merchants account for 10% of ecommerce transactions in the United States.
- Price action: SHOP shares traded up 0.95% at $ 1,319.06 on the last check on Tuesday.
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