Adyen has started working with new merchants, former clients of the Germany-based payments company Wirecard, reporting a 27% rise in revenue for the first half of 2020.
Following Wirecard's collapse in June 2020, retail merchants looked for payment processing alternatives, when Wirecard filed for insolvency after admitting that almost EUR 2 billion previously reported as cash didn’t exist.
According to Bloomberg, partnerships with a couple of former Wirecard clients are already live, while Adyen is still in talks with many others. Some are well-known brands that 'wanted to convert quickly', according to Adyen representatives.
Adyen expects to continue to benefit from an accelerating trend from cash toward cards, even as customers start to trickle back into brick-and-mortar stores. In recent news, the partnership between Adyen and Zalando has expanded as the global payments provider will process Zalando’s credit card payments in all European markets.
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