The e-commerce payment processing provider Adyen is trying to capture more business in Asia from the growing number of merchants who want to sell to North America and other regions.
"There's much more activity, compared to five years ago, of merchants out of Asia selling to the global market," says Roelant Prins, chief commerce officer at Adyen. About 15% of Adyen's annual processing volume came from Asia, whereas last year only 10% came from Asia, he says. Adyen currently processes $19 billion in payments.
OffGamers, an online portal for games based in Singapore, recently switched to Adyen from WorldPay for its processing.
"We were using WorldPay for many years prior to Adyen and the decision to switch was not an easy one, as we treasure[d] our long-standing relationship with WorldPay," says Leonard Chee, CEO of OffGamers. "The main three factors that ultimately tilt[ed] our decision were transaction capturing speed, more advanced system and overall rates."
About 20% of OffGamers' business comes from the Americas, says Prins.
Adyen, which is based in Amsterdam, also allows OffGamers to accept local European payment methods, such as iDEAL in the Netherlands and the Mister Cash card in Belgium. OffGamers has seen a small uptick in credit card transactions since switching to Adyen, but Chee says it's too early to attribute this to the processor.
Adyen supports 250 payment methods worldwide, 66 of which are local alternative payment methods in Asia, including Alipay in China; Konbini, a convenience store payment system in Japan; and ItzCash cards in India. Adyen also provides merchants connections to 31 other Asian acquirers and card schemes, such as UnionPay.
The processor has about 10 people based in Singapore. It works with hundreds of multi-national merchants that do business in Asia, including NakedWine, LivingSocial, Groupon and Singapore Media Corp., says Prins.