G-Star RAW: Hardcore denim and Unified Commerce
Driving business growth with payments innovation
Businesses today need payment solutions that evolve as quickly as they do. Around the world, brands are pro-actively seeking payment partners that can keep pace with market changes to deliver the highest level of security and consumer protections, while enhancing, rather than hindering, the user experience.
Adyen has been working closely with Visa to drive its innovation program and provide market-leading payment optimisation solutions directly to its business customers. With token and 3D secure (3DS) solutions, businesses can streamline their online checkout experience and enjoy greater levels of efficiency, fraud protection, and transaction success.
Bolt, a leading mobility super-app, is one of the businesses unlocking additional revenue through Adyen and Visa’s payments innovation. Since implementing network tokens and 3DS, they have benefitted from lower transaction costs, reduced fraud, increased authorisation rates, and a significant uplift in revenue.
In today’s digital-first world, innovative online payments are a key focus for any business looking to stay ahead with competitive customer experiences and streamlined operations. Whether it’s security or speed, inputting financial details, or authenticating their identity, consumers expect digital transactions to not just be as safe, secure, and seamless as face-to-face (F2F) ones – they expect them to be invisible.
Meeting these expectations can unlock significant opportunities for growth - but that can be easier said than done. As the ubiquity of digital transactions evolves, so too do the challenges, from clunky customer experiences to increasing risk of fraud. Digital fraud rates are up to 10x higher than in F2F transactions(2), while authentication and authorisation rates are consistently lower. Such challenges have the potential to derail user experiences, increase the risk of cart abandonment, and chip away at the bottom line. Across Europe, nearly 50% of all cart abandonment is caused by issues in the customer payment experience(3).
To keep up with increasing customer demands, evolving risk, and market complexity, businesses need technology that matches the speed of their ambition. This is particularly the case in the mobility industry, where innovation is helping businesses like Bolt better serve their customers and unlock additional revenue through optimised transaction flows.
90.8% | PAN authorisation rates (1)
95.9% | Token authorisation rates (1)
1 VisaNet Data, GBI Monthly Authorisation
Report, May 2022
2 Visa 2021 fraud data
3 Euromonitor International, Voice of the
customer: Digital Survey, March 2021
EMV® is a registered trademark in the U.S.
and other countries and an unregistered
trademark elsewhere. The EMV trademark is
owned by EMVCo, LLC
Bolt is the first European mobility-as-a-service super-app. The Estonian-based company provides ride-hailing, scooter-sharing, food delivery, grocery delivery, and car-sharing services. It operates in over 500 cities globally and serves over 100 million customers who make millions of transactions every month. As Bolt expands globally, so too does the scope of security requirements and the legislation they must navigate, including authentication regulations for online payments such as The Revised Payment Services Directive’s (PSD2) requirement for Strong Customer Authentication (SCA). For Bolt, false declines, low approval rates, and recurring payments pose a challenge not only to their revenues, but also to their commitment to quick, secure, and frictionless customer experiences.
To support their global growth and continue providing the convenient service their customers expect, Bolt reached out to Adyen to explore how the financial technology platform could help them optimise their payments. Perfectly timed, as Adyen had been working closely with Visa to enhance its existing solutions with Visa Token Services and EMV® 3D Secure (3DS).
“If there were any blockers in terms of adding your card or paying for services, people would be less inclined to use the product."
By combining the power of Visa Token Services with Adyen’s Network Token Optimisation, Bolt can enjoy the full benefits of network tokenization, with higher authorisation rates, increased sales, and intelligent fraud prevention.
With Adyen’s Network Token solution, Bolt can ensure sensitive customer data is protected at every step of the payment journey, greatly reducing the risk of fraud. In parallel, the use of EMV® 3DS - a next-generation authentication to make global ecommerce secure in real-time - enables Bolt to deliver a fast, secure, and frictionless authentication experience.
With the ability to share more transaction data with issuers, Bolt can now authenticate with precision and only apply SCA when needed. For Bolt, this meant they could simultaneously transform the user experience, improve security and reduce costs.
Additional revenue optimisations accompany this solution. Visa Account Updater Suite ensures customer payments details are automatically and securely kept up to date. This means Bolt and their customers no longer experience an interrupted service when payment details expire. This has reduced cart abandonment issues experienced with regular and recurring payments due to lost, stolen and expired credentials.
With Adyen’s Network Token Optimisation, Adyen can decide when to use a network token versus a PAN, based on our machine learning capabilities and platform data.
Adyen only implement Network Tokens if it’s the issuer’s preference, and even if the customer’s card is declined, Adyen can immediately retry with the PAN.
Adyen has worked closely with Bolt to ensure the smooth implementation of both network tokens and EMV® 3DS, and the return on investment has exceeded expectations. The combined force of Adyen and Visa innovation is powering exceptional consumer and merchant outcomes, from frictionless payment journeys to more holistic data insights, across verticals, sales channels, and regions.
Visa’s data show that in Europe, the average authorisation rate using tokens is 95.9% while the average rate for PANs is 90.8%. With Adyen’s Network Token Optimisation, Bolt can rely on the machine learning algorithm to maximise the efficiency of transactions and strategically use tokens when the uplift potential is present(1).
Bolt is also seeing far greater business efficiency savings than before and they have the confidence of knowing they are providing a safe and seamless payment experience to their ever-expanding customer base.
“Visa and Adyen technology allow us to streamline our operations, network tokens are the next step in the evolution of the cards infrastructure, while 3DS provides Bolt with greater confidence through customer verification.”
(1) VisaNet Data, GBI Monthly Authorisation Report, May 2022 (2) Visa 2021 fraud data (3) Euromonitor International, Voice of the customer: Digital Survey, March 2021. EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC
© 2022 Visa. All rights reserved
With the combined power of Adyen and Visa, every business can deliver innovative, secure payment solutions.
Join Bolt and many others and boost your revenue through authorisation rate uplifts, fewer false declines, and greater consumer satisfaction. Let us help you successfully adapt and grow in today’s world.
To find out more and unlock the benefits of Network Tokens, please contact our sales team.Reach out