Targeted at merchants in Hong Kong, Singapore, and China, the integration marks an important milestone for Shoplazza in its mission to help more product-focused ecommerce businesses reach lucrative non-domestic markets. Shoplazza hopes its integration of Volt will encourage more merchants to expand into Europe and beyond, with Open Banking technology providing a faster, safer, and more cost-effective means to reach new customers.
Shoplazza hopes its integration of Volt will encourage more merchants to expand into Europe and beyond, with Open Banking technology providing a faster, safer, and more cost-effective means to reach new customers.
The partnership also reveals Volt’s potential as an ecommerce platform plug-in, with its checkout continuing to gain rapid traction among both online retailers and consumers. The former are taking advantage of everything from real-time settlements to Open Banking as a card payment recovery tool, while the latter are quickly becoming loyal to the lightning-fast ‘Pay by Bank’ experience.
Volt’s Open Banking capabilities will enable Shoplazza’s merchants to receive real-time account-to-account (A2A) payments from customers across Europe, the UK, and Brazil via a virtual IBAN, with merchants able to sweep settled funds into their local accounts. This cross-border capability – available via a single API integration – is what Shoplazza needed from an Open Banking provider as part of its expansion plans.
Merchants will also have access to Connect, Volt’s cash management engine, which tracks payments from initiation to receipt and provides confirmation of funds – essential functionality that isn’t a given with all open banking payment providers.
Brazil is expected to be the world’s 10th-fastest-growing country in retail ecommerce sales in 2023, after Mexico.
For global brands, the buoyancy of Brazil’s ecommerce channel may seem like good news. It’s worth bearing in mind however that Brazil’s ecommerce landscape has its own idiosyncrasies and you’ll need to approach it in the right way if you’re to make a success there.Its financial infrastructure is unique even in Latin America. For example, Brazilians expect to be able to pay for larger purchases in instalments via credit card. In 2018, just under half of online purchases were paid for in instalments. You’ll need to be able to extend customer credit to your audience if you’re to penetrate Brazil. If you’re unsure about doing this one option is to try a partnership with a bank.
However, Volt has already integrated Brazil’s domestic instant payments network Pix – and established its physical presence in São Paulo – as it builds upon its real-time payments solutions.
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