Major marketplaces have long taken control of their payment flows. They operate proprietary payment services, expand financial tools, and experiment with digital currencies, gradually reshaping the financial architecture of online commerce.
The scale of the market makes this transformation inevitable. In 2024, global online retail sales reached $6.3 trillion. At the same time, e-commerce accounted for around 20% of total global retail trade. In 2025, over 2.8 billion people regularly made purchases online.
For many years, payments were viewed as a supporting element of digital commerce — a technical necessity with little strategic importance. However, growing transaction volumes, margin pressure, and tighter regulation have changed this logic. Today, control over the entire payment infrastructure has become both a competitive advantage and a strategic lever for marketplaces.
Why Marketplaces Are Building Their Own Payment Services
For marketplaces, the shift to proprietary payment solutions is not a branding move but a rational economic decision. As transaction volumes grow, payment infrastructure begins to directly affect the stability of the business model.
The key drivers behind building in-house payment services can be grouped into several factors:
- Reducing dependence on external payment providers. Marketplaces seek to limit the influence of third-party operators on their cost structure and operational processes. Owning the payment service allows them to manage pricing and transaction rules more flexibly.
- Optimizing fees and processing costs. At scales measured in hundreds of billions of dollars, even a slight reduction in transaction costs has a tangible impact on profitability. Control over payment infrastructure makes it possible to redistribute part of these costs within the ecosystem.
- Managing liquidity and balances. Funds from buyers and sellers pass through the platform, creating significant volumes of temporarily held capital. Managing these flows enables faster payouts, the launch of financial products, and stronger ecosystem engagement.
- Increasing settlement speed and seller retention. The timing of payouts has become a competitive factor. The ability to offer accelerated settlements and transparent payment terms makes a platform more attractive to merchants.
- Risk management and access to transaction data. Refunds and fraudulent activity directly affect financial results. Proprietary payment infrastructure provides deeper data visibility and allows for more precise risk control procedures.
This logic is reflected in the strategies of the largest e-commerce players. Many have already built and integrated their own payment services into their core operations, demonstrating that this approach is economically justified and supports sustainable ecosystem growth.
5 Largest Marketplaces and Their Payment Services
The experience of the world’s largest marketplaces shows how proprietary payment infrastructure is built and what role it plays in a company’s financial model. Below are 5 illustrative examples that demonstrate different approaches to integrating payment services into e-commerce ecosystems.
Alibaba and Alipay
Alibaba Group was founded by Jack Ma in 1999 as an online platform connecting Chinese manufacturers with overseas wholesale buyers. Initially, Alibaba operated exclusively as a B2B marketplace focused on exports and international trade. Starting in 2003, however, the company evolved into a broad digital ecosystem built around several key platforms:
- Taobao — a consumer-to-consumer marketplace for retail sales
- Tmall — a B2C marketplace focused on branded goods
- 1688 — a B2B platform for wholesale purchases directly from manufacturers
As of the end of 2025, Alibaba remained the largest e-commerce player in China. The gross merchandise volume (GMV) across its marketplaces reached $1.31 trillion. Alibaba Group’s revenue in 2025 totaled 996.35 billion yuan (≈$137.3 billion).
In 2004, Alibaba launched Alipay as an internal mobile payment system designed to ensure secure transactions. The service initially acted as an escrow mechanism, holding funds until buyers confirmed receipt of goods. This significantly increased trust in online shopping and accelerated the platform’s growth.
Alipay was created as an embedded financial service for e-commerce, but over time, it developed into a universal digital payment platform. In 2014, Alibaba Group spun off its financial arm into a separate entity, Ant Financial, later renamed Ant Group. The company became an independent FinTech holding serving not only Alibaba’s ecosystem but also external markets. In turn, Alipay evolved into a universal digital wallet embedded in China’s everyday economic life.
Today, Alipay offers:
- Digital wallet services
- Online and offline payments via QR codes
- Instant peer-to-peer transfers
- Cross-border payments
- Consumer lending
- Investment and wealth management products
- Insurance services
- Credit scoring tools based on transaction data
In 2018, Ant Group launched a blockchain-based remittance service enabling real-time transactions. In 2020, the company applied for a digital banking license in Singapore. In 2022, it acquired Singapore-based payment provider 2C2P to expand digital payment adoption.
In 2025, Ant Group began actively expanding its presence in the crypto market. The company has been in discussions with the People’s Bank of China regarding the issuance of yuan-backed stablecoins and plans to strengthen cross-border settlements through its international division, Ant International, including the integration of the USDC stablecoin. The company has also partnered with Revolut to launch instant transfer services.
The Alipay ecosystem serves more than 1 billion active users in China. Its international network, Alipay+, connects over 1.7 billion user accounts through partner wallets and supports more than 100 million merchants worldwide.
Amazon and Amazon Pay
Amazon was founded by Jeff Bezos in 1994 as an online bookstore. By the late 1990s, the company had expanded its product range to include electronics, home appliances, apparel, and other categories. Over time, Amazon evolved from a direct retailer into a full-scale marketplace, giving third-party merchants access to its customer base.
The open marketplace model, launched in the early 2000s, became a key driver of the company’s growth. Today, third-party sellers account for a significant share of total sales, and Amazon operates not only as a retailer but also as an infrastructure provider, offering logistics, warehousing, marketing, and payment services.
As the company expanded, Amazon built a broad ecosystem that, in addition to its marketplace, includes:
- Subscription services such as Prime Video, Prime Music, Prime Gaming, Prime Reading, and Amazon Photos
- Original content production through Amazon MGM Studios
- Logistics infrastructure through Fulfillment by Amazon (FBA) and Amazon Logistics
- Advertising services under Amazon Advertising
- Cloud computing through Amazon Web Services (AWS)
- BNPL service Amazon Pay Later
As of 2025, Amazon’s revenue exceeded $716 billion. Although a significant portion of its income now comes from segments beyond retail, the marketplace remains at the core of its ecosystem. In 2025, Amazon’s marketplace GMV surpassed $830 billion, with around 69% generated by third-party sellers. In the United States alone, sales on Amazon totaled around $440 billion, representing roughly 36% of the country’s e-commerce market.
Amazon Pay was launched in 2007 as a way to leverage Amazon’s existing customer base to simplify payments on third-party websites. Initially, the service allowed shoppers to complete purchases outside Amazon using the payment credentials and shipping information stored in their Amazon accounts. This reduced checkout friction and improved conversion rates for merchants.
As of early 2026, Amazon Pay had processed $95 billion in transactions. More than 720,000 merchants worldwide accept the service, and it accounts for about 6.5% of the global online payments market. In the United States, 38% of online stores accept Amazon Pay.
Functionally, Amazon Pay offers:
- Payments through stored cards and bank accounts
- Accelerated checkout
- Buyer protection under the A-to-Z Guarantee program
- Support for subscriptions and recurring payments
- Integration with major e-commerce platforms
- Tools for managing refunds and disputed transactions
Amazon Pay was originally designed as an expansion tool — a way to extend Amazon’s payment layer beyond its core marketplace. Today, it enables the company to retain control over transaction data, strengthen customer loyalty, and generate additional fee-based revenue outside its primary ecosystem.
Amazon Pay supports only traditional fiat payment methods and does not accept cryptocurrencies as an official means of payment.
eBay and Managed Payments
eBay was founded in 1995 in the United States by Pierre Omidyar. Initially, it operated as an online auction platform where individuals could buy and sell goods directly with one another. Over time, eBay evolved into a global marketplace with millions of buyers and sellers worldwide.
As of the end of the second quarter of 2025, the platform had around 134 million active buyers. In 2025, the company generated $11.1 billion in revenue, while its gross merchandise volume (GMV) reached $79.6 billion.
Among eBay’s key features are:
- Global reach, connecting buyers and sellers in more than 190 countries
- Both C2C and B2C models, serving individual sellers as well as professional merchants and brands
- Auction and fixed-price formats
- Strong positions in secondary markets, including used goods, collectibles, and antiques
- Low entry barrier for sellers
- Built-in promotion and analytics tools, including Promoted Listings and sales insights
- Unified take rate model that includes payment processing
The rollout of Managed Payments began in 2018 and continued through 2019. It marked a phased transition from a model where payments were handled by third-party providers, primarily PayPal, to one in which eBay directly accepts and processes buyer payments before disbursing funds to sellers.
The migration of sellers to Managed Payments was completed by mid-2021. From that point onward, all transactions were processed within the platform’s own payment system. As of the end of the second quarter of 2021, more than 13 million sellers were enrolled in Managed Payments, and the system processed over 80% of the marketplace’s GMV.
Managed Payments offers:
- Processing of transactions via debit and credit cards, bank transfers, mobile payments, and other methods
- Integration of alternative payment methods, including Apple Pay, Google Pay, and local payment methods
- Centralized seller payouts, with eBay collecting payments and distributing funds according to platform rules
- Unified reporting and commission calculation
- Built-in dispute resolution and refund management tools
Managed Payments is primarily focused on traditional fiat payment methods. However, in 2022, eBay representatives indicated that cryptocurrency support could be considered in the future, citing regulatory uncertainty in the digital asset sector at the time.
Shopify and Shopify Payments
Shopify was founded in 2006 in Canada by Tobias Lütke, Daniel Weinand, and Scott Lake. Unlike Amazon or eBay, Shopify is not a traditional marketplace. The platform was originally built as a tool for the founders’ own online snowboard store, but quickly evolved into a product that allows other merchants to create and manage their own online stores.
Since 2010, Shopify has moved beyond being a simple store builder to developing a full-scale technology ecosystem. The launch of the Shopify App Store enabled third-party companies and independent developers to build applications and services on top of the platform. This led to the creation of a large partner infrastructure, transforming Shopify into a flexible, modular system suitable for businesses of any size. At the same time, the company expanded its mobile capabilities and management tools.
Today, the Shopify ecosystem includes:
- A cloud-based platform for building and managing online stores
- An integrated payment system
- Financial services for merchants
- Logistics tools and integrations with delivery providers
- Omnichannel solutions through Shopify POS
- APIs for third-party developers
- Marketing and advertising tools
- Enterprise solutions under Shopify Plus
- AI-powered tools for store automation
In fiscal year 2025, Shopify generated over $11.6 billion in revenue, while its gross merchandise volume (GMV) exceeded $378 billion.
Shopify Payments was launched in 2013 as an integrated payment solution for merchants on the platform. Previously, sellers had to connect external payment gateways. The primary goal was to eliminate reliance on third-party providers and retain transaction fees within the Shopify ecosystem.
Shopify Payments offers:
- Acceptance of card payments and local payment methods
- Integration with digital wallets
- Automatic deduction of platform fees
- Refund and dispute processing
- Built-in fraud prevention tools
- Unified reporting within the Shopify admin panel
- Integration with merchant financial accounts
In 2025, more than two-thirds of all transactions within the Shopify ecosystem were processed through Shopify Payments, which handled over $248 billion in transaction volume during the year.
In addition to Shopify Payments, Shopify’s financial ecosystem includes:
- Shop Pay, an accelerated checkout solution that stores payment details
- Shop Pay Installments, a buy-now-pay-later offering
- Shopify Capital, a merchant financing service based on sales performance
- Shopify Balance, an integrated financial account for managing funds
- Tools for managing payouts, refunds, and cash flow
In 2025, Shopify announced support for the USDC dollar-backed stablecoin on the Base Layer 2 network. The asset is expected to be integrated into Shopify Payments and Shop Pay. The rollout will cover most European countries, as well as the United States, Canada, Australia, Japan, Singapore, and other markets.
Mercado Libre and Mercado Pago
Mercado Libre was founded in 1999 in Argentina by Marcos Galperin. Initially conceived as a Latin American equivalent of eBay — an online auction platform for individuals — the company gradually shifted toward a traditional fixed-price marketplace model.
By 2025, Mercado Libre had become the largest e-commerce platform in Latin America, serving nearly 67 million unique users annually. Its ecosystem covers virtually all major markets in the region, including Brazil, Mexico, Argentina, Chile, and Colombia.
In 2025, Mercado Libre generated $8.8 billion in revenue, while its gross merchandise volume (GMV) reached about $19.9 billion. Over time, the company significantly diversified beyond pure marketplace operations.
The Mercado Libre ecosystem includes:
- Mercado Envíos logistics services
- Advertising tools for sellers
- Consumer and merchant lending
- A proprietary payment system
- Investment and digital wallet management tools
Mercado Pago was launched in 2004 as an internal payment solution for the marketplace. Its initial purpose was pragmatic: to ensure secure transactions between buyers and sellers in a region with low trust in online payments and limited banking infrastructure.
Over time, the service evolved into a standalone financial division. By 2025, Mercado Pago had nearly 78 million monthly active users. In the fourth quarter of 2025 alone, the system processed $83.7 billion in payment volume.
Mercado Pago offers:
- Online payments within the Mercado Libre marketplace
- Offline payments via QR codes and mobile applications
- Peer-to-peer transfers
- Consumer and merchant lending
- Issuance of credit cards
- Tools for storing and managing funds
- Integration with bank accounts
In 2024, Mercado Libre announced the launch of a U.S. dollar–denominated stablecoin, Meli Dólar, in Brazil. Developed in partnership with crypto exchange Ripio, the asset is available for purchase in Brazilian reais through the Mercado Pago app. The issuer is Meli Uruguay SRL, a company within the Mercado Libre group.
These examples demonstrate that payment services are no longer a technical add-on to trading platforms. For leading players, they have become tools for managing margins, data, and liquidity. Despite differences in strategy and pace of implementation, the outcome is similar: proprietary payment solutions allow platforms to control key financial flows, build transaction-based analytics, expand lending, and deepen user engagement. As a result, payment infrastructure has become a pillar of business resilience and a core element of competitive strategy in e-commerce.
