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PatPat Picks Adyen To Power Payments Globally
PatPat's Global Expansion Targets Europe and the United States; Leverages Adyen Platform to Increase Authorization Rates, Comply with PSD2 and Build Loyalty
"We did extensive research, and tested programs with a number of payment providers before we chose Adyen," noted Ken Gao, Co-Founder and COO, PatPat. "Adyen's easy-to-use global dashboard meant all our data was in one place, enabling us to quickly enhance shopping experiences, improve brand loyalty and easily increase conversions. Adyen's integrated platform, offering a single view of all our transactions, enables instant access to payment data allowing us to make changes quickly to meet customer needs. We also appreciated the Adyen team working closely with us to optimize our payment process. Their commitment to our success means that we are able to rapidly change our payment methods to meet local customer demands as we grow our business globally."
Launched in 2014, PatPat targets the fast-growing children's wear market which is forecasted to reach USD321.6 billion dollars by 2024. To better reach parent communities, PatPat uses social networking and big data technologies to constantly improve customers' shopping experience. With the Adyen's RevenueProtect solution in place, overall payment authorization rates increased to 90% improving both revenue and customer loyalty. Furthermore, PatPat leverages Adyen's 3D Secure 2.0 solution to reduce payment friction and comply with European regulations, increasing trust with new customers. Finally, being able to quickly add local payment methods such as iDEAL in the Netherlands and SOFORT in Germany increased local transactions in those markets by up to 30% in a single quarter.
"PatPat, as it entered a period of tremendous growth and expansion, faced a number of challenges naturally associated with a move into new markets," said Warren Hayashi, President of Adyen, Asia-Pacific. "Key to this successful growth for PatPat was a partner and payment platform solution that could support it in delivering a seamless payment experience for consumers across the globe. Adyen's experience in helping companies scale globally quickly, meant that we could ensure PatPat had access to payment data and local insights into consumers' preferred way to pay so they could focus on creating a frictionless shopping experience for their customers across the globe."
10.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.