Adyen To Power Omnichannel Payments at U.S. Cinemark Theaters

Rhea-AI Summary

Adyen, the global financial technology platform, has been chosen by Cinemark to power enterprise payments across its 300+ U.S. locations. This collaboration aims to streamline payments and enhance experiences for moviegoers. Adyen will handle payments made online through Cinemark's website and mobile app, as well as in-theater purchases at box offices, kiosks, and concessions. The partnership extends to Cinemark's premium amenities and Movie Club subscription program.

Key benefits include:

• Increased payment options for customers
• Unified payment platform across all channels
• Implementation of Network Tokens
• Enrollment in Adyen's RevenueProtect for enhanced risk management

This integration is expected to increase purchasing flexibility and reduce friction in the movie-going experience.

Positive

• Partnership with major U.S. theater chain Cinemark, expanding Adyen's market presence
• Implementation across 300+ U.S. locations, indicating significant scale
• Powering payments across multiple channels: online, mobile app, and in-theater
• Integration with Cinemark's premium amenities and subscription program with 1.2 million members
• Implementation of Network Tokens and RevenueProtect for enhanced security and fraud prevention

Negative

• None.

Financial Technology Analyst

This partnership marks a significant win for Adyen in the entertainment sector, expanding its footprint in the U.S. market. By powering payments across Cinemark's 300+ U.S. locations, Adyen stands to process a substantial volume of transactions, potentially boosting its revenue and market share.

The implementation of Network Tokens and RevenueProtect showcases Adyen's advanced fraud prevention capabilities, which could lead to reduced chargebacks and increased conversion rates for Cinemark. This, in turn, may attract more high-profile clients to Adyen's platform.

For investors, this deal underscores Adyen's ability to secure large-scale, omnichannel contracts, which is important for long-term growth in the competitive payment processing industry. The partnership's success could pave the way for similar deals in the entertainment sector, potentially driving Adyen's stock value upward.

Consumer Behavior Analyst

This collaboration between Adyen and Cinemark is poised to significantly enhance the movie-going experience. By streamlining payments across all touchpoints - from online ticketing to in-theater purchases - Cinemark is addressing a key pain point for consumers: convenience.

The integration of Adyen's platform with Cinemark's Movie Club subscription program, which boasts over 1.2 million members, could lead to increased customer loyalty and recurring revenue. Smooth payment experiences often translate to higher customer satisfaction and increased spending.

Moreover, the expanded payment options could attract a broader demographic, potentially increasing Cinemark's market share in the competitive theater industry. This move aligns with the growing consumer expectation for seamless, omnichannel experiences, which could give Cinemark an edge over competitors still using fragmented payment systems.

Adyen chosen by Cinemark to streamline payments and enhance experiences for moviegoers across Cinemark's 300+ U.S. locations.

SAN FRANCISCO, Sept. 19, 2024 /PRNewswire/ -- Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, will serve as the single financial platform to power enterprise payments for Cinemark, one of the largest and most influential theatrical exhibition companies in the world. This new collaboration will bring increased payment options and ease of use to moviegoers across the movie theater chain's more than 300 U.S. locations.

Adyen will power payments made online via Cinemark's website and mobile app, in addition to purchases made at Cinemark's box offices, lobby kiosks, and concessions counters. It will also expand across the exhibitor's premium amenities, such as Cinemark's in-theater restaurants and bars and Movie Club, its monthly subscription program with over 1.2 million members.

"Partnering with Cinemark taps into exactly what Adyen does best — streamlining and unifying payments onto a single platform," said Davi Strazza, President of Adyen North America. "Whether it's online ticketing, in-app purchases, or in-theater, Adyen is ensuring that every interaction is as smooth and enjoyable as the movie itself."

In addition to having Adyen power payments across the enterprise, Cinemark is enabling the use of Network Tokens and has enrolled in RevenueProtect, Adyen's built-in risk management solution that helps businesses fight fraud, reduce costs, and increase conversion through a combination of static rules and machine learning.

"By integrating Adyen's sophisticated payment processing platform, we are increasing the flexibility of purchasing options for our guests and reducing friction in the movie-going experience," said Melissa Thomas, Cinemark CFO.

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 Meta, Uber, H&M, eBay, and Microsoft. The collaboration with Cinemark, described in this press release, underlines Adyen's continuous growth with existing and new customers over the years. For more information, visit www.adyen.com.

About Cinemark Holdings, Inc.

Cinemark Holdings, Inc. (NYSE: CNK) provides extraordinary out-of-home entertainment experiences as one of the largest and most influential theatrical exhibition companies in the world. Based in Plano, Texas, Cinemark makes every day cinematic for moviegoers across more than 500 theaters and 5,500 screens, operating in 42 states in the U.S. (308 theaters; 4,303 screens) and 13 South and Central American countries (194 theaters; 1,405 screens). Cinemark offers guests superior sight and sound technology, including Barco laser projection and Cinemark XD, the world's No. 1 exhibitor-branded premium large format; industry-leading penetration of upscale amenities such as expanded food and beverage offerings, Luxury Lounger recliners and D-BOX motion seats; top-notch guest service; and award-winning loyalty programs such as Cinemark Movie Club. All of this creates an immersive environment for a shared, entertaining escape, underscoring that there is no place more cinematic than Cinemark. For more information, visit https://ir.cinemark.com.

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SOURCE Adyen

FAQ

What is the new partnership between Adyen and Cinemark?

Adyen has been chosen to power enterprise payments for Cinemark across its 300+ U.S. locations, handling payments made online, via mobile app, and in-theater purchases.

How will Adyen's partnership affect Cinemark customers?

The partnership aims to increase payment options, enhance user experience, and reduce friction in the movie-going process for Cinemark customers.

What additional services is Adyen providing to Cinemark?

Adyen is enabling the use of Network Tokens and providing RevenueProtect, its built-in risk management solution to help fight fraud and reduce costs.

Will Adyen (ADYEY) power payments for Cinemark's Movie Club subscription program?

Yes, Adyen will handle payments for Cinemark's Movie Club subscription program, which has over 1.2 million members.