PayPal has announced the expansion of its strategic partnership with global fintech platform Adyen in the hope of improving shopping experiences for customers and boosting conversions for businesses.
The company has announced PayPal will introduce Fastlane to Adyen’s enterprise and marketplace customers in the US ahead of a planned global rollout.
Fastlane is designed to streamline guest checkout processes by allowing shoppers to save their payment information during their first purchase with a participating merchant.
Adyen gets access to Fastlane by PayPal
According to a support page, Fastlane will record up to eight cards and unlimited addresses to simplify customers’ payment processes. By only sharing a user’s email address, phone number, shipping and billing addresses, and card expiration date, it also promises to enhance security.
The company states checkout time can be reduced by 32% compared with traditional methods, driving conversion rates above 80%.
This isn’t the first time Adyen has partnered with PayPal. Adyen co-founder and co-CEO Pieter van der Does commented: “PayPal is a payment brand name that shoppers trust, and we’re excited to take our collaboration another step further in the US, utilizing our combined expertise to raise the bar for our customers.”
Alex Chriss, PayPal’s President and CEO, expressed excitement about the service’s expansion: “Adyen’s customer base and relationships with enterprises make them the ideal first Fastlane payment processing partner. This strategic partnership aligns with our goal to make PayPal available everywhere customers shop globally.”
The news also marks a milestone for Fastlane – it’s a relatively new product for the company, having launched in January 2024, before becoming available to all businesses using PayPal’s Complete Payments or Braintree platforms earlier this month.
