Adyen, the global payments platform, has announced its expansion into the Indian market. The company has secured authorisation from the Reserve Bank of India to operate as an Online Payment Aggregator, enabling it to manage both domestic and international payments within the country.
To support this expansion, Adyen is establishing a technology hub in Bengaluru, bolstering its all-in-one payment platform with local payment processing capabilities. This move will empower Indian merchants to optimise their transactions using popular local payment methods.
Adyen officials highlighted the vast potential for businesses to innovate customer experiences in India's rapidly growing e-commerce sector, which is transitioning towards a cashless economy. The company aims to transform digital payments in India by leveraging its comprehensive global solution and local processing capabilities, streamlining transactions for merchants and allowing them to focus on growth opportunities within the Indian market. Adyen has also expressed its commitment to supporting merchants' long-term development as it strengthens its presence in the region.
The Bengaluru technology hub will bring technical expertise closer to merchants and tap into India's skilled tech workforce. This hub will play a key role in developing and supporting payment products tailored to both local and global needs.
Adyen's platform manages the entire payment process, encompassing gateway services, risk management, and acquiring functions. This comprehensive approach facilitates global expansion for brands while ensuring they meet customer expectations. The platform supports a wide range of payment methods, including major credit and debit cards such as Visa, Mastercard, and Rupay, as well as local payment options like UPI.
Adyen's Recent Developments
In July 2024, Adyen announced a partnership with END. Clothing, a prominent UK retailer, to enhance both its online and offline payment integration through a unified commerce solution. This collaboration provided END. Clothing with comprehensive customer insights, enabling the retailer to track repeat customers and personalise their shopping experience. Adyen's technology allowed END. Clothing to view customer data holistically, aiming to improve engagement and loyalty.
Adyen's recent Retail Report highlighted a growing demand for personalised customer experiences, with 57% of UK consumers suggesting that retailers should enhance their reward systems. However, only 20% of retailers felt they sufficiently understood their customers to effectively implement such systems. Adyen's data capabilities are poised to assist retailers like END. Clothing in gaining a deeper understanding of customer preferences.
