PayPal (PYPL.US) and Shopify (SHOP.US) team up again to expand payment services, both stocks rose more than 1% before the market open

PayPal (PYPL.US) announced further expansion of its global strategic partnership with Shopify Inc. (SHOP.US), an e-commerce solutions provider in the United States. As part of the collaboration, PayPal will become an additional online credit and debit card processor for Shopify Payments, using its PayPal Complete Payments service. PayPal Complete Payments is a market and platform solution consisting of a suite of flexible and powerful developer tools. The enhanced collaboration will provide Shopify merchants with a unified payment platform aimed at improving their operational efficiency.PayPal CEO Alex Chriss said: "This extended partnership further solidifies PayPal as the preferred platform for global leaders in business, technology, and payment processing."The latest update in the US follows the 2022 collaboration between the two companies in France. Shares of PayPal and Shopify both rose more than 1% in pre-market trading on Monday, indicating a positive market reaction to the news.Through this collaboration, PayPal and Shopify aim to provide merchants with a more seamless payment experience while expanding the global market presence of both companies. This not only helps merchants streamline their payment processes but may also attract more merchants to join Shopify's e-commerce platform, driving growth for both companies.