Adyen expands global partnership with Afterpay

Rhea-AI Summary

Adyen has expanded its partnership with Afterpay to enhance payment processing across key markets, including the U.S., U.K., Australia, New Zealand, Canada, and Europe. This collaboration aims to support Afterpay’s growth as a leading Buy Now, Pay Later service. Adyen has previously worked with Afterpay since 2018 and provides local acquiring capabilities for merchants using Afterpay in regions like the U.K., France, Italy, and Spain. With 24% global consumer adoption for BNPL services, the partnership is designed to meet increasing consumer demand for flexible payment options.

Positive

• Expanded partnership with Afterpay supports growth in key markets.
• Collaboration enhances Adyen's service offerings to merchants.
• Adyen's technology helps meet evolving retail payment needs.

Negative

• None.

Afterpay, known as Clearpay in the UK and Europe, to leverage Adyen's local acquiring across key markets

SYDNEY, May 9, 2022 /PRNewswire/ -- Adyen (AMS: ADYEN), the global financial technology platform for leading businesses, today announced it has expanded upon its partnership with one of the leaders in Buy Now, Pay Later (BNPL), Afterpay Limited (ASX: APT). Afterpay is working with Adyen to process payments across key markets including Australia, New Zealand, Canada, Europe, U.S., and the U.K. to support the company's global growth and momentum. Adyen's global reach and focus on enterprise businesses as an acquirer provides Afterpay with the capability needed for its fast growing business.

Adyen and Afterpay began their local payment method partnership in 2018. A number of Adyen's merchants already offer Afterpay's installment payments - including MandM Direct, Revolution Beauty, and Superdry - with more expected to come online. Afterpay, known as Clearpay in the UK and Europe, is now available to Adyen merchants in the UK, France, Italy and Spain.

BNPL payment methods continue to gain global momentum. Globally, 24% of consumers have used BNPL services, with adoption highest in Sweden, Norway, Mexico, France, the USA, and Denmark.

"Holiday season 2021 was the holiday for BNPL - with consumers using Afterpay to pay responsibly for their holiday gifts," said Zahir Khoja, General Manager, Afterpay Global Platform and Partnerships. "Our partnership with Adyen is allowing us to bring a better way to pay to millions of shoppers across multiple regions around the world."

"We are excited to further expand our longstanding partnership with Afterpay to now include local acquiring in key markets. Afterpay is already a household name globally and we are proud to be able to continue to come together, leveraging both our technology and innovation to meet the needs of today's evolving retail landscape," said Roelant Prins, Chief Commercial Officer, Adyen.

About Adyen
Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Cotton On Group, Nando's, Freelancer.com, Kogan.com, Budgy Smuggler, Movember, Showpo, Rodd & Gunn, and Jurlique. The cooperation with Afterpay as described in this update underlines Adyen's continuous growth with current and new merchants over the years.

About Afterpay Limited
Afterpay is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments. The service is completely free¹ for customers who pay on time - helping people spend responsibly. As of December 31, 2021, Afterpay is offered by more than 122,000 of the world's favorite retailers and more than 19 million active customers have adopted the service.²

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins. Afterpay is a wholly owned subsidiary of Block, Inc. (NYSE: SQ).

1 Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
2 Figures released in Block Q4 2021 results

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/adyen-expands-global-partnership-with-afterpay-301543099.html

SOURCE Adyen Inc.

FAQ

What is the significance of Adyen's partnership with Afterpay?

Adyen's partnership with Afterpay enhances payment processing capabilities across multiple key markets, supporting Afterpay's growth as a prominent Buy Now, Pay Later service.

Which markets are included in the Adyen and Afterpay partnership?

The partnership covers key markets including Australia, New Zealand, Canada, Europe, the U.S., and the U.K.

What percentage of consumers globally use BNPL services?

As of the latest figures, 24% of consumers globally have adopted Buy Now, Pay Later services.

When did Adyen and Afterpay begin their partnership?

Adyen and Afterpay started their local payment method partnership in 2018.

What technological capabilities does Adyen provide Afterpay?

Adyen provides local acquiring capabilities and end-to-end payment processing solutions to Afterpay, enhancing its payment services.