Shopify shares have extended their recent torrid rally after the e-commerce software provider said it is extending its Shop Pay payments service to transactions on both Facebook and Facebook’s sister site Instagram.
“The way we buy the things we love has fundamentally changed,” Shopify (ticker: SHOP) said in a statement. “Today, social platforms are our digital Main Street, and we form relationships with brands based on the online experience they provide every step of the way. That’s why, for the first time, we’re expanding Shop Pay…to all Shopify merchants selling on Facebook and Instagram.”
The company said Shop Pay is available as a payment option for Shopify merchants on Instagram starting today, and will roll out on Facebook (FB) stores in coming weeks.
Shopify said buyers completed 137 million orders with Shop Pay in 2020. Shopify says the service has facilitated close to $20 billion in gross merchandise value since its launch in 2017.
Shopify shares are up 7.1%, at $1,440.37, in recent trading, while the S&P 500 is down 0.1%. The stock is up 27% for the year to date and 260% since the end of 2019.
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