Payments

Proximity Payments & Mobility Take Center Stage at Shopify, New iOS App

On 13th December 2013, Shopify announced that it had closed $100 Mn in a new round of funding and the company was valued at $1 Billion. Today, Shopify introduced a revamped version of their iOS app called Shopify Mobile, which enables offline as well as online merchants to manage their stores more efficiently via smartphone.

Shopify was founded in 2006 by Tobias lutke (CEO), Daniel Weinand and Scott lake. The company has received $22 Mn in Series A and B funding from Bessemer venture Partners, FirstMark Capital, Felicis venture and Georgian Partners. The new round of funding brings its total to $122 Mn. Currently more than 80,000 retailers in over 100 different countries operate on Shopify’s platform. Some of them are Gatorade, Tesla Motors, Forbes, Encyclopedia Britannica, Amnesty International, and CrossFit among others.

This video gives you an overview of Shopify's latest offering - Shopify Mobile:

About Shopify  Mobile:

  • It comes with a Square-like reader that can be utilized by the user to collect funds from customers and complete in-person sales.shopifymobile2
  • Shopify Mobile basically converts the users smartphone into a cash register.
  • The new app also brings along with it, management of Shopify POS & total store management for its online clients.
  • Online merchants now receive notifications of each new order as they come in and also the ability to dispatch shipping notifications.
  • Users are given total control over inventory management.
  • The Shopify POS companion feature lets them modify the prices and inventory with the assistance of the card reader. The POS companion also acts as additional register.
  • The service is currently available only in the U.S but Shopify plans to expand operations soon.

Shopify’s traction has increased tremendously over the last year. The company stated that $63.6 Mn transactions had been made through its online stores during Cyber Monday 2013, as compared to $23.8 Mn in 2012. Shopify tried to place a foothold in offline commerce last year with the introduction of Popify and a POS system that works on iPad. The company looks to become a starting point for merchants to establish businesses offline and online. Shopify Mobile marks another move in this direction.

On November 9th 2013, Shopify had announced that it would add the virtual currency Bitcoin as an option of payment for its merchants. Shops that have Bitpay enabled will be able to accept Bitcoin payments from customers. Bitpay processes the payment in the background and converts it to the sellers local currency. The transaction fees are said to be much lower than traditional payment gateways.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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