Adyen Expands Reach to Icelandic Market through Collaboration with Straumur

<p>Adyen,
a global financial platform, is entering into a partnership with Straumur, a
subsidiary of Kvika, which operates as a payment provider in various sectors of
the Icelandic market, including grocery stores, restaurants, pharmacies, and
gas stations. Currently, Straumur processes around 25% of payments in Iceland
and serves 1700 merchants through in-person payments, e-commerce, and apps.</p><p>Adyen
as Card Acquiring Bank for Straumur</p><p>As
part of this collaboration, Adyen will act as the card acquiring bank for
Straumur's operations. The partnership aims to simplify and enhance payment
processes for Straumur's merchants and end-consumers. Adyen's role involves
consolidating payment data from all sales channels, markets, and consumers onto
a unified platform. </p><p>“At
<a href="https://www.financemagnates.com/tag/adyen/">Adyen</a> we pride
ourselves in working with partners that push the world of payments forward.
That’s why we’re excited to enter the Icelandic market and partner with
Straumur as their acquiring bank. Their local payment processing offering
combined with our financial technology platform will ensure easier, safer and
more seamless payments for consumers all over Iceland,” says Tobias Lindh, the Managing Director, Adyen Nordics &amp; Baltics.</p><p>The
integration allows Straumur to leverage Adyen's Unified Commerce function,
leading to improved customer insights, journeys, and experiences across various
consumer channels for commerce.</p><p>“At
Straumur, we are committed to offering outstanding payment solutions for our
customers. Our approach goes beyond traditional payment processing – we see
ourselves as partners with our customers and want to help them grow. This
collaboration with a new, powerful transaction acquirer enables us to boost our
technical capacity and significantly widen the range of services we
offer," says Lilja Ólafsdóttir, the Managing Director of Straumur.</p><p>Adyen
to Serve as Acquiring Bank for Klarna</p><p>Earlier,
<a href="https://www.financemagnates.com/">Finance Magnates</a> reported that <a href="https://www.financemagnates.com/fintech/adyen-to-act-as-acquiring-bank-for-klarna-starting-2024/">Adyen
expanded its decade-long partnership with Klarna</a>, an AI-powered global
payments network, to simplify payments globally. Adyen will serve as the
acquiring bank for Klarna's consumer payment offerings in Europe, North
America, and Asia starting in 2024. </p><p>This
collaboration aims to enhance the payment experience for Klarna's 150 million
consumers and 500,000 merchant partners. Klarna's options, such as
interest-free installment plans, will benefit from Adyen's acquiring
capabilities. Adyen, despite a 5-fold revenue drop in H1 2023, reported a
higher net income of $283.17 million. The partnership is expected to elevate
the standard of global payments and consumer experiences.</p>

This article was written by Tareq Sikder at www.financemagnates.com.