Adyen: Ripping up the payment rulebook
(Norwich, UK, 13/07/2018) - The payment service provider (PSP) market is booming. Mass globalisation has led consumers to demand access to products and services with the ability to pay across a number of different channels at the click of a button.
Partnering with a number of popular streaming services, such as Facebook, Spotify, Netflix, and more, global payments juggernaut Adyen enables payments to be undertaken through any channel and processed on a single integrated platform.
Such has been the relentlessness of the company’s growth; its processed volume growth has risen from €12bn ($14bn) on an annual basis to a staggering €108bn ($125bn) in 2017. Shares have also surged up to 90% upon the launch of its IPO in Europe.
“Businesses want to take the next future step to sell anywhere, at any time, via any channel to anyone globally. So, the world is shrinking,” explains Senior Vice President of Business Development, Northern Europe, Jussi Lindberg.
Building a new, state-of-the-art infrastructure, any type of transaction placed through Adyen’s platform is highly secure, but unusually, is not sent to a third party. Instead, the business sends this directly to the required payment method and receives an immediate response back. Through this, Adyen has gained improved authorisation rates against its competitors.
“We can also process payments in store on the same, single platform. From a technical standpoint, our solution is quite complex but we're making it easy on the customer and partner side,” notes Lindberg.
Delivering simplification for its customers, particularly within the physical point of sale (POS) space means that Adyen has a unique Unified Commerce offering. Companies are able to create better, more personalised customer journeys such as click-and-collect, or endless aisles, where in-store tablets let shoppers order items that are out of stock online while in store. A Unified Commerce approach allows retailers to reshape the purchase experience, making it frictionless.