Adyen, an Amsterdam-based payments software provider, has become the first to widely distribute a new generation of Apple tap-to-pay services, apparently beating rival Stripe to the punch in using a merchant’s iPhone without additional hardware to accept customer card payments.
In February, Apple announced an iteration of tap-to-pay for which merchants need only an iPhone and a partner-enabled app. It said Stripe would be the first company to offer such a service, but its app is still in beta testing and the company is advertising a spring launch. Payments processors Shopify (which is powered by Stripe) and Square are offering the service to select merchants. Meanwhile, any of Adyen’s US clients can begin accepting tap-to-pay directly from an iPhone right away. Apparel makers Vince, G-Star, Scotch & Soda, and Nike
Adyen is seeking to take advantage of new shopping patterns as the world emerges from Covid-19 disruptions, CFO
While US-based competitor Square is known for serving brick-and-mortar merchants and Stripe specializes in e-commerce, Adyen’s payment service provides customer data for in-person and for online sales. Adyen was founded in 2006 by Pieter van der Does, the current CEO, and Arnout Schuijiff. The duo has worked in e-commerce since 2000, starting out at Bibit, another electronic payment platform founded by Schuijiff. In 2018, Van der Does and Schuijiff reached billionaire status after Adyen’s initial public offering. Today, despite the sell off in fintech stocks, Van der Does and Schuijiff are still billionaires with net worths of $1.8 billion and $2.4 billion, respectively.
In 2021, Adyen processed $516 billion of transactions through clients including Uber
Despite tougher macro conditions, Adyen plans to continue building momentum in the US In 2021, more than 40% of its revenue came from outside of Europe, with the US its second-largest market, according to Uytdehaage. The company is also expanding its offices in New York and San Francisco. Adyen hired 34 new employees between June and July, according to LinkedIn data, bucking the tech layoff trend.
“We’re winning more and more domestic names like Dick’s Sporting Goods, for instance, we’re more and more seen as a very natural choice if you want to process payments in the US,” Uytdehaage said. “I think that’s because we bring innovation, specifically in this unified commerce space. There are not a lot of companies, almost no companies, that can actually do both online and in-store payments on the same platform and then on the back end have all the data combined. That’s the big benefit to retailers.”
This article was updated to clarify that Shopify’s tap-to-pay offering to select merchants is powered by Stripe.