PayPal and Adyen strengthen global partnership with the launch of Fastlane solution
PayPal and Adyen strengthen global partnership with the launch of Fastlane solution
PayPal Holdings, Inc. announced the expansion of its global strategic partnership with Adyen, a leading financial technology platform. The strengthened collaboration will introduce “Fastlane by PayPal,” a new guest checkout experience designed to streamline and accelerate the checkout process for Adyen's enterprise and merchant customers in the United States.
The initiative aims to improve the consumer shopping experience and increase conversion rates for businesses utilizing the Adyen platform, with plans for a global rollout of the solution in the future, according to PR Newswire.
Fastlane by PayPal is designed to streamline the checkout process by reducing the time it takes to complete a purchase by 32% compared to traditional guest checkouts. According to PayPal's internal data, this new checkout process helps shoppers convert more than 80% of the time. Fastlane allows customers to easily save payment and shipping information during their first transaction with a participating merchant, providing automatic pre-fill for future purchases wherever Fastlane by PayPal is available. This seamless experience not only simplifies the shopping process, but also encourages repeat purchases, benefiting both consumers and merchants.
Alex Kriss, President and CEO of PayPal, emphasized the significance of the partnership, stating, “Adyen's customer base and its relationships with businesses make them an ideal first Fastlane payment processing partner. This strategic partnership aligns with our goal of making PayPal available wherever customers shop around the world.” Kriss highlighted PayPal's evolution into the platform of choice for major merchant brands and payment processors, offering a seamless and connected commerce experience to hundreds of millions of consumers and businesses.
Peter van der Does, co-founder and co-executive director of Adyen, echoed this sentiment, stating, “The expanded partnership with PayPal further strengthens Adyen's ability to provide global enterprises with seamless payment flows and a first-class guest shopping experience. PayPal is a payment brand that shoppers trust, and we are excited to take our partnership to the next level in the U.S., leveraging our combined expertise to raise the bar for our customers.”
This partnership builds on the long-standing relationship between PayPal and Adyen, which has enabled Adyen customers to offer PayPal's suite of payment options, including PayPal, Venmo and PayPal's Buy Now, Pay Later (BNPL) solutions. As part of their ongoing collaboration, the companies will continue to explore new solutions that enhance the consumer journey and add value for enterprise businesses.
The introduction of Fastlane by PayPal marks a significant step forward in the companies' joint efforts to innovate and improve the online shopping experience. As they continue to expand the reach of this solution, both PayPal and Adyen are poised to further solidify their position as leaders in the global financial technology space.
Read also: Pepperstone to host webinar series on mastering advanced strategies
