Adyen's influence was shaped by the Olympics.
Adyen Sees Boost in Cross-border Payments During the Paris Olympic Games
New data reveals that Adyen, a global payments platform, experienced a surge in cross-border transactions during the Paris Olympic Games. The analysis highlights the impact of supporting a wide range of payment methods abroad during significant sporting events.
During the Games, 78% of international purchases were contactless, with a 9% increase in contactless purchases YoY. The largest share of overseas spending came from US Visa cardholders (29%), followed by Germany (8%) and the UK (6.5%).
When Adyen's dynamic currency conversion feature was enabled, 46% of UK shoppers opted to pay in GBP, compared to 33% of Canadian shoppers in CAD and 25% of US shoppers in USD.
These figures indicate a preference for local currencies among shoppers, a trend that is likely driven by the convenience and transparency offered by Adyen's technology.
The data was drawn from France's Unified Commerce segment, covering both online and in-person payments, from July 24, 2024, to the first week of September.
As globalization continues to drive the need for efficient and seamless cross-border transactions, Adyen, with its streamlined acceptance of cross-border payments, is well-positioned to capitalize on this trend. The company's technology stack emphasizes capabilities such as real-time or near-instant transactions, compliance with local regulations, and efficient currency conversions.
While no direct data on Adyen's cross-border payments at the Olympic Games was found, the general payment industry dynamics suggest that Adyen likely experienced a positive impact from increased cross-border transaction volumes and consumer spending during the Olympics. This would manifest as higher transaction processing volume and revenue for Adyen, supported by their global payments infrastructure.
During the last week of the Olympics (5-11 August), foreign shoppers accounted for 35% of Adyen's authorized share volumes. The company analyzed its cross-border volumes during the Olympic games using its Summer of Sports live tracker, although further details about the analysis were not provided.
US shoppers were the biggest contributors, accounting for approximately 22% of all authorized sales volume of foreign spend. However, no new information about Adyen's cross-border volumes was provided in this paragraph.
In conclusion, the Paris Olympic Games provided a significant boost to Adyen's cross-border transactions, driven by international visitor activity and advancements in cross-border payment technology. The company's focus on providing a wide range of payment methods and a seamless cross-border payment experience positions it well to continue benefiting from such events in the future.
- Adyen's business during the Paris Olympic Games was bolstered by a surge in cross-border payments, indicating a significant role in finance and technology.
- The technology-driven trend of appealing to local currencies among shoppers contributed to a higher transaction processing volume and revenue for Adyen, demonstrating the potential impact of technology on business finance.
