Adyen, the business platform for business payments, management, and planning, became the first fintech to launch Cash App Pay on Thursday.
Cash App launched the payments as a service option in September to let users make payments outside the Square network.
Roelant Prins, CCO at Adyen, said the team is looking forward to adding partners to better serve businesses and their customers.
“At Adyen, we are consistently adding new payment methods to ensure our businesses can meet their end customers where they are,” Prins said. “We are thrilled to enter this strong partnership with the Cash App team.”
From e-commerce to point of sale
Adyen sets the business up with order carts and payments in person or online, and with the new capability, customers can use their saved cash app cards and accounts.
Owen Jennings, Chief Operating Officer at Cash App, said they were excited to bring Cash App Pay to US Business.
“We’re excited to partner with Adyen to bring Cash App Pay to more businesses across the U.S.,” Jennings said. “As the first financial technology platform to partner with the Cash App Pay ecosystem, we look forward to seeing the value this partnership brings to our customers and Adyen’s businesses.”
Cash App has over 80 million annual active users on its platform and is Block’s primary revenue feature driver. Most of the $1.47 billion the firm posted in profit for Q2 2022, with 29% year-on-year growth, came from Cash App sales, but its bitcoin business revenue was showing signs of decline.
When Block first announced Cash App Pay, it opened with e-commerce partners like American Eagle and Tommy Hilfiger. The firm aims to compete with the newest version of Apple Pay, which allows users to double tap to pay in browsers or apps quickly. Block announced it worked with Apple to add the same feature through Cash App back in June.
Businesses working with Adyen will access Cash App Pay as an integrated payment method for US customers. The firm said in a release the payment method would be available online shortly and in-store next year.
The Amsterdam-based fintech is over 12 years old, initially founded in 2006, and now trading on the Amsterdam stock exchange.
The firm said that by offering Cash App Pay, Adyen’s businesses will provide customers with a convenient and straightforward way to pay using their Cash App balance or linked debit card.
Hope after missed earnings
As Bloomberg reported, Adyen NV’s shares fell the most in almost four years after reporting their first-half results.
Shares dropped about 14.5% and were trading down 11% as of 9:48 a.m. in Amsterdam. Adyen’s stock had risen by about 50% since mid-June before the results.
“The speed and excitement that meeting each other in person brings have always been a crucial part of our success and our view on how to build the Adyen culture for the long term,” the firm said in a letter to shareholders. “Where possible, we will continue this approach.”