ADYEN will offer PayPal Holdings’ guest-checkout product, the first time the two competing payments firms have publicly announced such a partnership.
Adyen will offer PayPal’s FastLane experience to its merchant customers in the US, with plans to do so globally in the future, according to a statement on Tuesday (Aug 20).
FastLane, much like other services that store consumers’ payment and shipping information, makes it faster and easier to complete a purchase, while Adyen’s merchant network extends PayPal’s reach.
“Adyen’s customer base and relationships with enterprises makes them the ideal first FastLane payment processing partner,” PayPal chief executive officer Alex Chriss said in the statement. “This strategic partnership aligns with our goal to make PayPal available everywhere customers shop globally.”
It’s a highly competitive landscape, with companies such as Stripe vying with Adyen and PayPal’s own payment-processing arm, Braintree.
PayPal, which launched FastLane this year, gets the added benefit of Adyen’s merchant network, while Adyen continues to expand in the US.
“PayPal is a payment brand name that shoppers trust, and we’re excited to take our collaboration another step further in the US, utilising our combined expertise to raise the bar for our customers,” Adyen co-founder and Co-CEO Pieter van der Does said in the statement.
The two companies also disclosed on Tuesday that they’ve quietly collaborated for several years to give Adyen merchant customers access to PayPal, Venmo and Paypal’s buy-now, pay-later offerings. BLOOMBERG
