Computer software company Adobe is introducing a brand new payment service for its commerce platform. Payment Services for Adobe Commerce will smooth out the process of buying-option diversification for merchants and customers. The service, set to be powered through a PayPal collaboration, will be open by the end of the year to all stores using Adobe Commerce.
This service will present a prime opportunity for Adobe to level the playing field with the likes of its rival Shopify. Their tug-of-war dates back to 2018, when Adobe purchased Magneto in a bid to provide solid starting ground for its commerce platform. Shopify, partnering with Affirm, launched its own buy now pay later option in June. The coming of age of Gen Z consumers, in addition to a pandemic-caused shift in the financing habits of many consumers, has fomented the popularity of the delayed payments model. Adobe’s Digital Economy Index survey showed that the model has surged by 88% since 2019.
Payment Services for Adobe Commerce is meant to ease the transaction data-management burden for merchants and do away with multiple login cross-platform requirements. The service supports major debit and credit card brands, as well as PayPal and other company-owned platforms including Venmo and its own buy now pay later option.
