Following this announcement, the companies will focus on centrally managing and optimising complex payment processes through the use of a single platform. This solution is expected to contribute to the development of a fast, safe, and secure payment processing during the time of the busy seasons.
Adyen is a fintech platform that focuses on providing end-to-end payment capabilities, financial products, and data-driven insights as a single, secure, and global tool. Busy periods represent a challenge for companies and customers alike, as there are cases where a large number of orders are flooded, and payment processing takes a long time to be finished. This affects not only the overall client experience but also leads to cart abandonment and poor conversions.
Qoo10 represents a marketplace that was developed by eBay Japan for the use of the domestic market in the region. By adopting the platform and services provided by Adyen, eBay Japan will be enabled to improve payment processing on Qoo10 even during busy seasons, including mega discounts. In addition, this process will allow the company to provide a fast and stable payment environment for both stores and clients that use Qoo10.
At the same time, as part of the strategic deal, the companies will focus on the process of preventing the leakage of personal information. Adyen and Qoo10 are also expected to improve the payment approval rate by implementing an optimisation function for the network token that is usually used for online payments on the platform. The network tokenisation was designed in order to enable secure online payments by converting a PAN – a 16-digit credit card number – into a token, which represents a non-sensitive reference string. This will be provided by the credit card company.
However, not all credit card issuers can support it at the moment, as it is a new technology recently implemented. Through machine learning-based optimisation function, which is set to automatically select token payment or PAN payment and increase the overall payment approval rate. Both companies will also prioritise the process of meeting the needs, preferences, and demands of customers while remaining compliant with the laws and regulatory requirements of the industry.
Qoo10’s decision to implement Adyen’s secure and efficient payment platform stays with the company’s strategy of providing customers with a comfortable shopping experience by offering fast payment processing.
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