Fans could scan the QR code at the show, head to the Drake related shop, put in their shipping details, and be sent awesome products like unreleased Nike sneakers and Champagne Hot Steps. And every drop was different, with surprise products at a surprise time. These drops are creating huge hype at every tour stop with people starting to crowd around for the drop after the show. It’s been incredible to see and be a part of, and all of it is being done on Shopify. Our merchant obsession and powerful platform ideally positions us at the epicenter of the future of commerce, unleashing new ways for merchants to engage and drive authentic connections with their customers. To wrap it up, millions of merchants around the world recognize and value the rich set of mission critical solutions that we provide.
Our unified commerce operating system is the backbone powering brands all over the world. We continue to make it possible for every business owner on Shopify to leverage the power of the latest technology like AI, so they can build their businesses faster, unlock a new level of creativity and productivity beyond their wildest expectations. So, as our merchants get ready for their busiest shopping season of the year, their next flash sale, or even their very first sale, we are ready, arming them with the speed, reliability, and accessibility they need across channels, partners, and products to help them capture every opportunity, every step of the way. And with that, I’ll turn the call over to Jeff.
Jeff Hoffmeister : Thanks, Harley. Let’s dive into our Q3 results starting with GMV. GMV in Q3 was $56 billion, up 22% year-over-year as merchants delivered another strong quarter of growth. The 22% year-over-year growth in GMV represents the highest quarterly growth rate since the pandemic driven growth rates of 2021. Growth in our merchant base globally was the largest contributor to our GMV growth year-over-year. Three other key factors continued gains in Europe. Harley mentioned in his comments, the GMV in Germany, France, and the UK, our three largest merchant bases in Europe, combined grew greater than 2 times the GMV for all other geographies globally. The same is true for all of EMEA. GMV grew 2 times the rate of the rest of the world.
The GMV strength in Europe is stemming from multiple sources with the growth being driven equally by new merchant acquisition and sales growth in our existing merchant base, secondly, same-store sales growth in our existing merchants globally, and finally, robust growth in our point-of-sale business, which increased 26% year-over-year for the quarter, driven primarily by larger retails joining the platform. Turning to revenue. Revenue for the third quarter was $1.7 billion, up 25% year-over-year, which translates into a year-over-year growth rate of 30% when excluding the logistics business. The key contributors to our revenue growth included the GMV strength we just discussed, the growth in our Merchant Solutions business, which was driven by a combination of increased penetration of payments and continued growth across a broad number of solutions, including capital, markets and installments, a full quarter of benefit from the subscription pricing changes on our standard plans, and growth in the number of active merchants across each of Standard, Plus and point-of-sale.
In Q3, our product attach rate was 3.05%, up from 2.96% in Q3 of 2022. The key contributors were growth in payments, Subscription Solutions from the pricing change, capital, markets, installments and tax. Now, to discuss our two revenue streams: Merchant Solutions revenue and Subscription Solutions revenue. Q3 Merchant Solutions revenue was $1.2 billion, increasing 24% year-over-year, driven by growth in GMV, continued penetration of Shopify Payments and strength in our other Merchant Solutions, particularly Shopify Capital, Markets and Installments. These partially offset by not having the logistics business in the quarter. $32.8 billion of GMV was processed on Shopify Payments in the third quarter, 31% higher than in the third quarter of 2022.
The penetration rate of Shopify Payments as a percentage of GMV was 58% compared to 54% in Q3 of 2022. Several factors drove the quarter’s higher gross payments volume compared to the prior year, including, the strong performance by those merchants utilizing Shopify Payments, an increasing percentage of which are Shopify Plus, new merchant adoption across the globe, greater penetration of Shop Pay and continued growth of our integrated point-of-sale solution in physical retail stores. These partially offset by our GMV mix shifting to EMEA, where we have lower GPV penetration than our core countries. Subscription Solutions revenue was $486 million, up 29% over Q3 of 2022, primarily driven by the growth in the number of merchants on both our Standard and Plus plans as well as the first full quarter of impact from the pricing increases on our Standard plans.
