Incu & Adyen: Using payment technology to open up new sales channels
Shoppers in Singapore, Malaysia, and Indonesia are well acquainted with Fave’s plethora of great savings and offers at spas, restaurants, hotels, fitness studios as well as cashback rewards at their favorite restaurants and cafes. Meanwhile, merchants love the Fave platform for its ease of use, a suite of business tools, and insights that continually give them a better understanding of their customers. Originally KFit, a fitness subscription startup which acquired Groupon’s business in the region, the Fave brand now focuses on boosting shoppers’ experiences as well as its merchants’ business performance.
With Adyen as its payment service provider, Fave customers can always use their preferred payment methods when snapping up Fave deals. Merchants can better target customers too, with customer and payment insights on FaveBiz – Fave’s very own dashboard for merchants.
Enabling better payments on the Fave platform
The partnership between Adyen and Fave began in October 2016. Since then, Adyen and Fave have been providing seamless and secure payments for Fave’s users and merchants. Adyen’s local acquiring licenses and global presence has brought about high card authorization rates – which makes shopping smoother and enjoyable for Fave users.
Fave also leverages Adyen’s single-platform solution for risk management to keep fraud at bay. “Working with Adyen brings peace of mind to us, our users, and merchants, because we know we are working with one of the best in the world when it comes to payment technology and security,” says Chen Chow Yeoh, Co-founder of Fave.
Watch to learn how Fave and Adyen are empowering businesses with payments.
Case study: Fave & Adyen - Empowering businesses with payments
Encouraging customer loyalty and repeat visits with FavePay
Fave noted that many of its users are browsing offers on their mobile phones when commuting, so it has optimized shopping with the introduction of the Fave app.
Shoppers can pay conveniently at the shops via FavePay, Fave’s very own in-app payment enabled by Adyen. Besides credit card payments, FavePay lets shoppers use popular local payment methods, such as Maybank2U and CIMB Clicks in Malaysia.
While shoppers earn cashback and loyalty rewards with FavePay, merchants benefit from repeat visits. Not only can merchants gain a deeper understanding of their shoppers’ behavior with FavePay, they can also formulate better sales strategies for their future campaigns with the insights gathered.
"Working with Adyen brings peace of mind to us, our users, and merchants."
“Traditional businesses, like Nam Heong in Malaysia, are working with Fave – as are international brands like Starbucks. We work together in many ways.
Let me give you an example. For regular coffee drinkers, it’s likely that they order the same drink most of the time. When we have new drinks up on Fave deals, we encourage them to try something new. This helps increase the sales of the new beverages.
As you can see, we are expanding merchants’ customer bases with Fave deals, increasing loyalty with FavePay and looking at longer-term business strategies with FaveBiz,” mentions Chen Chow.
He adds: “Today, the total offline retail spend in Southeast Asia is more than US$700 billion and that’s more than 90% of the total consumption spend in the region. It’s important that Fave as an O2O platform connects consumers to businesses effectively – and via secure digital payments with Adyen – in this long-term synergy business.”
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