Archive for Adyen

Adyen has issued over two billion active network tokens, marking 2,200% growth in the technology since 2020

Posted in Commentary with tags on September 18, 2023 by itnerd

Adyen, the global financial technology platform of choice for leading enterprise businesses, has now issued over two billion active network tokens. This milestone shows that Adyen is paving the way for businesses to embrace the innovation of network tokenization which converts regular card numbers into secure non-sensitive tokens.

Security remains a top priority for businesses, however this no longer needs to come at the expense of the customer experience. Through network tokenization, businesses have seen an average of 3% uplift in authorization rates equating to a multi-million dollar increase in revenue every month. 

Since network tokens are less expensive to process than a PAN card payment, businesses can reduce costs, while increasing transaction approval rates and revenue. This is especially transformative for subscription or digital businesses that offer customers “save card details” features making it easier than ever to shop online. 

The rapid growth in digital payments and e-commerce in recent years, accelerated further by the Covid-19 pandemic, has resulted in a striking rise of payments fraud. Adyen’s own research finds that 39% of businesses report an increase in fraud attempts over the last 12 months, while just 60% have effective fraud systems in place. With payments fraud becoming a critical challenge to business across all industries, network tokenization is key to creating a future of secure, and seamless online payments. 

Network tokenization is an emerging technology and as such not all issuers currently support it. To solve this challenge Adyen offers network token optimization which uses machine learning to choose between a network token or PAN payment to boost authorization rates. This drives an additional 1% uplift in authorization rates for businesses. 

Connect&GO and Adyen partner up

Posted in Commentary with tags , on June 27, 2023 by itnerd

Connect&GO, a world leader in RFID and integrated attractions management technology, announces the launch of Konnect Mobile point-of-sale in partnership with Adyen. Combining the flexibility of Connect&GO’s all-in-one management platform (Konnect) with Adyen’s S1F2 all-in-one Android devices, the new integration will create a unified experience for operators that helps drive revenue and create frictionless experiences at attractions around the world. 

With Konnect Mobile point-of-sale (POS), attractions operators can now sell or fulfill orders from anywhere in their park through a single mobile device that includes an integrated payment terminal. Operators can check the content of a guest’s digital wallet at any time by scanning the guest’s RFID wristband. Guests can then reload cashless balances or purchase tickets from the very same team member.

The new integration promises to boost spending at attractions around the world, and will be deployed this summer at several waterparks across the United States leveraging Connect&GO’s innovative cashless solution for the first time.

Konnect Mobile POS is the latest in Connect&GO’s product enhancements that help operators leverage groundbreaking RFID technology to help solve the problems of legacy technology while unlocking powerful growth opportunities. The Konnect all-in-one management platform seamlessly integrates eCommerce, point-of-sale, cashless payments, F&B and access control using proprietary Virtual Wallet technology to create a unified experience with real-time data.

Connect&GO recently announced its AI prediction engine for the attractions market as well as an $8 million extension to its Series A funding. 

Adyen And Shopify Partner Up

Posted in Commentary with tags , on June 21, 2023 by itnerd

Adyen, the global financial technology platform of choice for leading businesses, announces a new global partnership with Shopify, a provider of essential internet infrastructure for commerce, to strengthen ecommerce capabilities, simplify the customer journey and solve payment complexity for enterprise merchants. As part of a multi-year partner strategy, Adyen is supporting Shopify’s expansion into the enterprise segment through diversified commerce solutions for large-scale merchants around the globe to maximize revenue and scale faster.  

Adyen’s single platform creates integrated global and agile payment solutions, so merchants can easily provide the best, long-term customer experience without added operational complexity or resource constraints. Adyen’s payment app on the Shopify Payment Partner Platform is expected to be available later this year and enterprise merchants can expect a more flexible approach to their payments experience. 

In the future when enterprise merchants set up the components of their Shopify platform, they will be able to integrate Adyen as a payments provider. With nearly seven out of ten retailers reporting to expand into new markets this year, Adyen’s access to major payment methods combined with Shopify’s high converting checkout is a logical solution for growing enterprise businesses. Adyen’s payment app is pre-built, optimizing a seamless experience for the Shopify enterprise end user. Ultimately, this removes the burden on the system integrators, allowing large businesses to accept and process payments as quickly as possible, by eliminating previous payment hurdles. The first phase of the integration with Shopify will include a payments app that will support major cards plus wallets, such as Apple Pay and Google Pay, and will be followed up by support for local payment methods (LPMs) later this year. 

Shopify continues to invest in strategic partnerships and technological innovations to help shape and define the future of the enterprise ecommerce industry. Due to this integration, enterprise retailers have increased opportunities for accelerated growth and expansion: up to 55% of businesses worldwide reported being in better fiscal conditions in 2023 because of the diversified revenue generated from various global locations. Enterprise customers have been awaiting a partnership where Adyen and Shopify will provide large-scale retailers a centralized system to manage commerce, payments and integrate with third party or custom systems. 

Adyen’s partnership with Shopify will enable robust payments features for ecommerce enterprise merchants, along with expanded capabilities to be added in the future. Merchants will be able to customize the look and feel of their checkout without sacrificing performance, scale faster by entering new countries anywhere in the world with a global infrastructure, drive operational efficiency and cost-savings by removing the need for maintenance work and reap the benefits of a fully integrated back-end.

To learn more about how Adyen can provide enterprise payments solutions for your business, visit here.

1 In 5 Canadian Shoppers Fall Victim To Payments Fraud Losing An Average Of $264.90 Each: Adyen

Posted in Commentary with tags on May 23, 2023 by itnerd

Global research commissioned by Adyen, the global financial technology platform of choice for leading businesses, has found that over one in five (21%) people in Canada have been victims of payments fraud. On average, the victims were defrauded $264.90 each.

With fraud on the rise, consumers are responding – 59% believe that the risk of fraud is making shopping online a less attractive proposition, while 73% want retailers to better communicate the efforts they take to protect consumers from fraud.

More than a third of retailers (23%) admit that fraudsters have targeted their business by establishing a replica website to intimidate their brand and trick their customers and 30% said that fraud attempts have increased in the past year. Worryingly, only 55% of retailers believe their fraud prevention systems are effective.

As inflation and the cost of living soaring for consumers, and making things even more difficult for retailers, neither can afford to fall for scammers’ traps. The poll of 2,000 consumers and 500 retailers in Canada explores the extent in which payments fraud is impacting consumers and businesses.

Additional highlights from the research include:

  • Only 36% of consumers look at the website’s URL to make sure it isn’t suspicious before making a purchase
  • 28% of consumers like it when retailers ask them to prove their identity (using two factor authentication) as it gives them confidence
  • 34% describe themselves as conservative towards new payment methods because of fear of fraud
  • 30% don’t enable their devices to remember payment details because they are worried about fraud
  • Only 23% of retailers are investing fraud prevention and risk management systems in 2023
  • 32% of retailers say fraudulent transactions and chargebacks are a significant cost for the business
  • 28% of retailers say they are doubling the headcount of their fraud and risk team in 2023

You can download the full report here.