- Adyen has issued over 2 billion active network tokens, representing 2,200% growth in the technology since 2020
With the rise of digital payments after the pandemic, network tokenization emerged as a key technology to increase authorization rates and reduce payment fraud.
AMSTERDAM, September 12, 2023/PRNewswire/ -- Adyen (AMS: ADYEN), the global fintech platform of choice for leading companies, has issued more than 2 billion active network tokens. This milestone shows that Adyen is paving the way for businesses to embrace the innovation of network tokenization, which converts regular card numbers into secure, non-sensitive tokens.
Security remains a priority for companies; However, this no longer has to be a detriment to the customer experience. Through network tokenization, companies have seen an average 3% increase in authorization rates, which equates to a multi-million dollar increase in revenue each month. Since network tokens are less expensive to process than a PAN card payment, businesses can reduce costs while increasing transaction approval rates and revenue. This is especially transformative for digital or subscription businesses that offer customers “save card details” features, making shopping online easier than ever.
The rapid growth of digital payments and e-commerce in recent years, further accelerated by the Covid-19 pandemic, has led to a striking increase in payment fraud. Adyen's own research finds that 39% of companies report an increase in attempted fraud over the past 12 months, while only 60% have effective fraud systems in place. With payment fraud becoming a critical challenge for businesses across industries, network tokenization is key to creating a future of secure and seamless online payments.
“Network tokenization is a powerful tool,” says Trevor Nies, Global Head of Digital at Adyen. "It provides the double benefit of increasing customer security, while increasing authorization rates and therefore revenue for businesses. With Adyen's technology supporting major card schemes, we are seeing that “More and more companies are realizing the potential of network tokens.”
Network tokenization is an emerging technology and as such is not currently supported by all issuers. To solve this challenge, Adyen offers network token optimization that uses machine learning to choose between a network token or a PAN payment to increase authorization rates. This results in an additional 1% increase in clearance fees for businesses.
For more information, read our blog on network tokenization.
About Adyen
Adyen (AMS: ADYEN) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with companies such as Meta, Uber, H
About Adyen Global Retail Report
The Global Retail Report includes information from an online survey of 12,000 merchants in 26 different countries and 36,000 consumers, conducted by Censuswide and Opinium between February and March 2023.
Logo - https://mma.prnewswire.com/media/1490851/Logo__Adyen_green_RGB_Logo.jpg
View original content: https://www.prnewswire.com/news-releases/adyen-ha-emitido-mas-de-2-000-millones-de-tokens-de-red-activos-301923749.html
