Adyen adds Click to Pay to its online payment interface

The global financial technology platform for large enterprises, announces the availability of Click to Pay functionality for online payments. The feature is an industry first and will be available in all of the company's markets.

FACTS

• Click to Pay is based on EMV specifications and is supported by major card schemes, such as Visa and Mastercard, and millions of customers worldwide are already registered

• Click to Pay stores users' payment and shipping information to provide a faster online payment experience with partner merchants.

• Once a customer has created an account, they can use Click to Pay, which looks like this:

  • The customer is identified by email or phone.

  • They are verified using an OTP or a recognised device.

  • The customer has access to their stored cards and can view them on screen.

  • They choose their preferred card and make the payment in seconds.

CHALLENGES

• Increase conversion rates: 58% of shoppers complete their payments by manually entering their card details and 55% abandon their shopping cart if they have to re-enter their credit card or shipping information. This has a significant impact on revenue from online payments. Conversion rate optimisation is the raison d'être of players like Adyen. And, areas of improvement are strong markers on which competition between these players is based.

• Streamline the payment journey: The data retrieval method eliminates the burden of manual card entry at the payment stage, ensuring a faster, seamless and secure shopping experience. Adyen now allows registered shoppers to bypass data entry during online payment and complete the transaction with a few clicks, which will simplify the overall payment experience across all devices and browsers.

MARKET PERSPECTIVE

• With the growth of open banking, there is a threat to card schemes in the adoption of bank transfer payments. Bank transfers offer many advantages, including one-click purchasing. This is one of the reasons why these players have come together around the EMVCo standard, which supports this Click to Pay solution.

• One of the pioneers of this new trend of account-to-account payment is GoCardless, which has just announced the launch of an API, making it very easy to integrate this transfer payment functionality and access to its international payment scheme.

• DNA Payments a UK fintech that provides acquiring services and card acceptance solutions to in-store, online and mobile retailers, has announced a partnership with Mastercard to offer Click to Pay services to merchants in the UK and Europe.

• Translated with www.DeepL.com/Translator (free version)