This collaboration allows MobilePay to improve its payment processing capabilities by leveraging Shift4's global infrastructure. As part of the agreement, Shift4 will integrate MobilePay into its payments gateway, allowing its merchants to access MobilePay's services.
According to the official press release, with more than 75% of global online transactions conducted using local payment methods, it is important for ecommerce businesses to accommodate various preferences in each target market. The same source reveals that the Nordic region, experiencing steady growth in its ecommerce sector, has an estimated market value exceeding USD 40 billion.
In the context of the region's increasing reliance on cashless transactions, mobile payment apps are becoming more and more popular for online purchases. In essence, the partnership aims to provide MobilePay users with gain access to Shift4's global acquiring and payment processing capabilities, facilitating the acceptance and processing of card and local wallet payments in local currencies.
In the official press release, representatives from Shift4 highlighted the collaboration's resonance with Shift4's commitment to supporting merchants in accepting local payment methods around the world. They also expressed their excitement about aiding MobilePay in expanding its acquiring offerings through Shift4's infrastructure.
The partnership extends benefits to MobilePay's merchants and partners, granting them access to Shift4's risk management, fraud protection, and advanced analytics services. Shift4's payment processing technology relies on fully redundant servers, featuring a smart routing solution that reroutes merchant traffic in real time to minimise disruptions and losses.
Officials from MobilePay Online emphasised the partnership's goal of providing a seamless payment experience. By teaming up with Shift4, MobilePay aims to support its users, allowing them to adapt to evolving consumer preferences and expand their reach in new markets.
MobilePay, known for its ease of use in payments and logins, aims to remove the need for cash, cards, and passwords. Vipps, a part of MobilePay, is a well-known brand in Norway, while MobilePay itself is gaining traction in Denmark and Finland. Shift4 specialises in commerce-enabling technology, processing billions of transactions annually for businesses across diverse industries.
In January 2024, MagicCube partnered with payment processor Shift4 to offer the i-Accept Tap-to-Pay solution to US merchants. i-Accept, a solution that transforms Android devices into PCI-compliant payment devices, enables secure contactless payments through Tap-to-Pay, with or without a PIN.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now