The aim of this joint venture is to extend an integration that will enable marketplace operators to cover both payin and payouts via a single solution. This is expected to further aid the growth of global marketplaces by ensuring positive buying and selling experiences.
Context-wise, the solution introduced by the partnership comes amidst an impending recession worldwide – which has determined retail businesses to intensify their platformisation efforts. Consequently, the demand for external expertise that can help navigate intricate business models and dynamic customer demands has reportedly increased. The new solution made possible by the collaboration between Mangopay and VTEX comes to address this challenge.
Following the partnership, VTEX-powered marketplaces are anticipated to be able to cater to local payment preferences. This capability is facilitated by Mangopay's modular global payment infrastructure. The new integration purportedly also introduces a seller onboarding process that includes identity verification.
The platform-specific payment infrastructure provider’s core offering is built around its programmable e-wallet solution. Moreover, Mangopay’s end-to-end infrastructure is said to cover platform payment needs ranging from payin to payouts, regardless of business models and workflows.
Earlier in 2023, Mangopay has secured several partnerships with companies such as Kriya, Spryker, GiftRound, and Covento by Vestas, among others.
What is more, the payment infrastructure provider has also launched a series of solutions, including the Cash Wallet – an offering developed as part of a collaboration with France-based fantasy football platform Sorare.
VTEX is a global enterprise digital commerce platform that seeks to help brands and retailers modernise their stack and minimise maintenance costs by migrating from legacy systems, connecting their value chain, and by developing their inventory and fulfilment capabilities. The platform purportedly has over 2,600 B2C and B2B customers.
This is not the sole partnership that the platform secured in 2023 as, earlier this year, VTEX revealed a collaboration with Nuvei – in a bid to provide increased flexibility and customisation for retailers, and with Worldline – in an effort to help ecommerce businesses maximise their performance and capitalising on new prospects.
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