Adyen expands its partnership with Glovo to provide card issuing for Glovo's entire European courier base. The companies have started rolling out an initial 30,000 cards among Glovo's European courier base so that Glovo can use Adyen as its exclusive European card issuing partner.
Adyen (AMS: ADYEN), the global payments platform of choice for many of the world’s leading companies, expands its partnership with Glovo, the on-demand delivery company, to provide card issuing for Glovo's entire European courier base. Adyen announced its partnership with Glovo a year ago and the two companies have been working together to build an offering that adds value to both Glovo and its couriers since. The companies have started rolling out an initial 30,000 cards among Glovo's European courier base so that Glovo can use Adyen as its exclusive European card issuing partner.
Glovo chose to expand with Adyen Card Issuing for a few key reasons:
Smart card controls such as geo-fencing to specific stores meant funds on issued cards are used for the desired purpose
Reduced need to provide separate working capital to support the issued card transactions by linking the acquiring and issuing accounts within the Adyen financial ecosystem
Eliminated overhead in onboarding new vendors or expanding into new markets, Glovo couriers simply walk in and pay using their issued card in line with card scheme acceptance
“The pandemic has only accelerated the need for delivery and we knew we needed a better, quicker way to get cards in the hands of couriers,” said Florian Jensen, Global Fraud & Payments Director at Glovo. “With Adyen, we are able to quickly deploy cards to couriers, while reaping the many benefits from Adyen's technology and their combined end-to-end acquiring and issuing platform. This all ensures that couriers using our platform can deliver more efficiently, which helps us to further improve our services towards our customers. It also means that our customers aren’t limited to just our partner stores, but can order from any store in their city.”
Adyen launched its card issuing solution at the end of 2019. Since that announcement, the company has been focused on bringing its card issuing service live in the EU, UK, and US. While supporting these countries and their related currencies, Adyen has focused its efforts on expanding its relationships through value adding card programs starting with exciting opportunities like Glovo. Issuing offers many benefits for merchants, including better customer experience, easier reconciliation of funds, real-time authorization to reduce risk, and reduction of the timeline for payouts to gain better control over their cash flow. Ultimately, merchants can offer cards without needing to go to a third party, eliminating another step in the process.
“It has been great working with Glovo over the past year to fully build out this capability,” said Kamran Zaki, COO at Adyen. “Not only will our issuing solution help Glovo grow their overall business, it will also give them much more control of the end-to-end process. We see a huge opportunity with Adyen Issuing – by giving merchants more flexibility they can create better experiences for their customers and improve their own operations as well. We are looking forward to seeing the product continue to scale in 2021 and beyond.”
Adyen (AMS: ADYEN) is the payments platform of choice for many of the world’s leading companies, providing a modern end-to-end infrastructure connecting directly to Visa, Mastercard, and consumers' globally preferred payment methods. Adyen delivers frictionless payments across online, mobile, and in-store channels. With offices across the world, Adyen serves customers including Facebook, Uber, Spotify, Casper, Bonobos and L'Oréal. The cooperation with Glovo as described in this merchant update underlines Adyen’s continuous growth with current and new merchants over the years.