Payments platform provider Adyen said it launched MarketPay, a solution designed to allow online marketplaces to “control the full payment stack, own the customer experience, easily sign up and pay out sellers, and expand into new markets,” the company said, adding that it has also partnered with GoFundMe — which will deploy the system.
GoFundMe is the largest “personal fund-raising platform,” connecting over 40 million campaigners and donors in the U.S. and Europe. Donations to date have reached $4 billion. Terms of the deal were not disclosed.
Adyen said GoFundMe’s deployment of MarketPay “will allow users to donate to both local and global merchants with a variety of currencies, all securely and seamlessly, and increase the speed with which fund-raisers collect donations.”
Regarding the global rollout of MarketPay, Adyen said that online marketplaces “dominate the e-commerce landscape. Nearly 40 percent of shoppers start there, and 97 percent of U.S. shoppers consistently use marketplaces for online shopping.”
The company said that as marketplaces continue to grow globally, “they are increasingly faced with payments challenges, driven by complex requirements for the marketplace model. In order to successfully scale, they require the ability to quickly sign up and settle funds to sellers.”
Sam Halse, chief operating officer at Adyen, said MarketPay brings “much-needed simplicity to marketplaces.” Halse said MarketPay is designed to “reduce the friction around signing up a seller while handling the complexities around payments so marketplaces can focus on what matters: growing their business.” The company also noted that MarketPay “caters to marketplaces by offering a scalable solution that enables them to operate both domestically and internationally, as well as providing managed compliance that reduces friction by ensuring marketplaces stay out of the money flow in markets where regulators require this.”
Some of the features of the platform include automated sign up (within seconds) as well as flexible payouts and full compliance that includes adherence to PSD2, which is a payments directive for the European Union.
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