FinTech giant Adyen expands into India 💸🇮🇳; Mastercard to cut 1,000 employees 👀✂️; Klarna expands into banking 😳🏦
FinTech is Eating the World, 19 August
Hey Everyone,
Good morning! We’re starting another intense week, and today’s issue is focused on three different yet very interesting FinTech stories 😮💨 We’re going to look at the financial technology giant Adyen that’s doubling down on and expanding into India (what it’s all about & why it’s a brilliant move + a bonus deep dive into Adyen & Wise), Mastercard which is cut 1,000 employees (why now, what’s next + a bonus deep dive into Mastercard & their latest financials), and Klarna which just expanded into banking (what it’s all about & what it has to do with their upcoming IPO + a bonus read on Klarna). So let’s just jump straight into the amazing stuff 🌶️
FinTech giant Adyen expands into India 💸🇮🇳
The news 🗞️ Adyen, a leading global payments platform, has announced its expansion into India's rapidly growing digital payments sector.
This move follows authorization from the Reserve Bank of India for Adyen to operate as an Online Payment Aggregator for both domestic and cross-border transactions.
Let’s take a quick look at this and see why it matters.
More on this 👉 As part of the expansion Adyen will:
Establish a technology hub in Bengaluru (Bangalore)
Introduce local payment processing capabilities
Integrate with major card schemes and local payment methods
The new tech hub aims to leverage India's strong talent pool to develop and support payment products for both local and global markets. By bringing technical resources closer to merchants, Adyen seeks to enhance its ability to serve the unique needs of the Indian market.
Adyen's all-in-one payment platform will now offer local payment processing in India, allowing merchants to optimize transactions and streamline their payment operations. This integration includes support for major card schemes like Visa, Mastercard, and Rupay, as well as popular local payment methods such as UPI.
We can remember that just last week, another FinTech heavyweight Wise also announced their plans to double down on India 👀
ICYMI: Wise gears up to tap India's $32 billion remittance market 🇮🇳😤 [why it matters & makes sense + a bonus dive into Wise & why it’s worth your attention in 2024]
✈️ THE TAKEAWAY
What’s next? 🤔 It’s clear that India has been getting some attention as of late. This isn’t that surprising as for Adyen, this move provides access to one of the world's largest and fastest-growing digital payments markets. More importantly, success in India could substantially boost the company's transaction volume and revenue. Separately, the experience gained in navigating India's complex regulatory environment and diverse payment landscape could prove valuable for future expansions into other emerging markets. Looking at the big picture, Adyen's entry is likely to intensify competition among payment processors in India. This could effectively lead to increased innovation and potentially lower costs for merchants, ultimately benefiting consumers. Win-win for everyone 👏
ICYMI: Adyen's unified commerce prowess keeps on delivering 😤💸 [breaking down the key numbers, why they matter & why you should be bullish on Adyen + a bonus read inside]