Online Payments Image by Merhan Saeed from PixabayMangopay has announced a strategic alliance with VTEX. This will combine the Mangopay payments solutions with the VTEX enterprise digital commerce platform. The global partnership will enable VTEX customers such as Carrefour, Colgate, Motorola, Sony, Stanley Black & Decker, and Whirlpool to access a single solution for pay-in and pay-out.

Mangopay will act as an aggregator for the different payment types. VTEX currently supports; Stripe and PayPal and adds far more. VTEX can focus on its core expertise for B2B and B2C commerce. Furthermore, it can now take advantage of the Mangopay platform. Allowing it to access multiple payment types and take advantage of its Pay-out solution.

For VTEX customers, this is a huge boost. It will enable their clients to make payments using their payment method of choice for their local region.

Luke Trayfoot, Chief Revenue Officer at Mangopay
Luke Trayfoot, Chief Revenue Officer at Mangopay

The announcement does not reveal when the Mangopay solution will be available to VTEX customers. Though the modular global payment infrastructure of Mangopay should help to deliver it quickly.

Luke Trayfoot, Chief Revenue Officer at Mangopay, commented, “This significant alliance symbolises a further alignment of our shared vision with VTEX to adeptly address our clients’ financial services requirements. This move facilitates an automated, seamless payment process benefiting sellers, marketplace operators and the end buyers. Merging the top-tier technology from both our companies paves the way for novel opportunities for online enterprises.” 

VTEX

For VTEX, this is a sensible move. In the UK alone, according to IBISWorld, there are 1,981 Payment Service Providers businesses in the UK as of 2023. This is an increase of 4.1% from 2022. Trying to pick which Payment providers to partner with and the cost of integrations would be prohibitive. Leaving this task to Mangopay will enable it to deliver a better service that will redefine the dynamics of the marketplaces it supports in both the B2B and B2C sectors.

Prakash Gurumoorthy, General Manager of EMEA & APAC at VTEX, said, “We sought a partner capable of empowering our global customer base to realize limitless growth in a scalable marketplace. Mangopay’s international reach enables VTEX to provide a seamless payment process tailored to the country where our customer is operating. This partnership represents a unique alignment between two companies that share a lot in terms of customer positioning: B2C, B2B and marketplace for major retail companies. We are glad to bring to the market such a combination.” 

Enterprise Times: What does this mean

This is a good move for both companies. For Mangopay, it potentially ensures that the significant user base uses its platform to cover their payment needs. With McKinsey now estimating that the global payments market will exceed $3 trillion by 2026. This partnership could ensure they capture an increased market share.

VTEX customers using the Mangopay solution will be able to onboard customers onto the payment platform quickly. Which will ensure that customers can quickly use their payment method of choice on the eCommerce site.

This collaboration signifies a groundbreaking shift towards enhanced efficiency and scalability in marketplaces. Marketplaces powered by VTEX will be able to cater to local payment preferences, thanks to Mangopay’s modular global payment infrastructure. Integration introduces a swift and seamless seller onboarding process, complete with thorough identity verification.

End customers can use their payment option of choice. More importantly, it means that not only will VTEX customers have access to a wide range of payment options. Those options are still growing, as new vendors enter the market in different countries. In partnering with Mangopay, VTEX no longer needs to focus on adding these new vendors, as Mangopay will deliver the connectivity to meet the future needs of any customers.

Mangopay adds WhenThen piece to the payments puzzle

 

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