Adyen, the global fintech firm, announced Thursday its expansion in India.
The firm said in a statement that this is following the grant of authorization from the Reserve Bank of India to operate as an online payment aggregator in India for domestic and cross-border payments.
The commitment to accelerate payment innovation in India includes a technology hub in Bengaluru (Bangalore) and the launch of local payment processing capabilities.
Adyen noted its local payment processing capabilities are foundational to the company’s all-in-one payment platform allowing merchants in India to optimize each transaction with local payment processing.
“The continued push for a Cashless India presents an opportunity for businesses to offer new customer journeys in the fastest growing e-commerce market in the world,” said Ingo Uytdehaage, Co-Chief Executive Officer, Adyen.
Adyen Country Manager in India Aditya Khullar also said they are looking to help transform digital payments in India with their global full-stack solution and local payment processing capabilities, optimizing transactions so their merchants can focus on opportunities to scale in India.
“We are committed to our merchants’ long-term growth as we steadily scale our presence in India,” he added.
According to the statement, Adyen is also building out a technology hub in Bengaluru.
This brings technical resources closer to merchants, and enables Adyen to tap into the strong tech talent pool in India to build and support payment products for India and Adyen’s global platform.
It is noted that Adyen manages the entire payment flow, including gateway, risk management, and acquiring for its merchants.
The firm also provides businesses with insights around local schemes and payment methods with technology and deep acquiring expertise.
With direct card acquiring connections with major card schemes such as Visa, Mastercard, Rupay and local direct debit payments UPI, transactions are processed locally in India via the Adyen platform.
Merchants can use Adyen’s single platform to offer all the key payment methods that shoppers prefer, such as credit and debit cards, along with relevant local payment methods.
Adyen is a fintech platform that provides end-to-end payments capabilities, data-driven insights, and financial products in a single global solution.
With offices around the world, the firm works with the firms including Meta, Uber, H&M, and eBay.