The Market Limited Partners with Adyen to Launch New Digital Payments on Gumtree

November 04, 2024 01:23 PM AEDT | By Team Kalkine Media

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The Market Limited Partners with Adyen to Launch New Digital Payments on Gumtree — Image source: shutterstock

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Highlights

The Market Limited collaborates with Adyen for secure digital payments on Gumtree.

New payment feature to include Google Pay and Apple Pay, launching in December.

Aims to streamline and secure online transactions on Australia’s largest classifieds site.

The Market Limited (ASX:MKT) has announced a strategic collaboration with Adyen, a major fintech company listed on Euronext Amsterdam, to introduce a streamlined digital payments solution on Gumtree, one of Australia's most widely used classifieds websites. This partnership aligns with The Market Limited’s commitment to enhance user experience and online safety across its platforms.

Adyen, known for its robust digital payments technology and partnerships with global platforms like eBay and Uber, brings significant expertise to this venture. The new payment integration will allow Gumtree users to conduct secure transactions directly through the site, eliminating the need to rely on external negotiations or payment platforms. Traditionally, buyers on Gumtree would need to contact the seller to arrange payment methods independently, but with the new system, payments will be processed securely within the platform itself.

Direct Revenue Channel for The Market Limited

This development also opens a revenue channel for The Market Limited. The company is expected to earn a fee from each transaction completed through the new payments feature on Gumtree, a model similar to other platforms integrated with Adyen. This approach could bolster revenue for The Market Limited by offering a more convenient and secure method for Gumtree’s user base, which includes a diverse range of buyers and sellers.

Scheduled for an early December launch, the payment system will support major payment methods, including Google Pay, Apple Pay, and all major bank cards. The addition of these widely used payment options is anticipated to improve the overall user experience by making transactions faster and more secure.

Enhanced Safety and User Confidence

According to The Market Limited Group CEO Tommy Logtenberg, the integration reflects the company's dedication to user safety and convenience. “The ability to transact safely online is top of mind for everyone, and this partnership will give users greater confidence when it comes to buying and selling on Gumtree,” Logtenberg stated. “Our users can look forward to a fast and streamlined payment experience.”

The integration with Adyen emphasizes The Market Limited's focus on creating a safe, reliable platform for online transactions. With the launch of this new feature, Gumtree users will benefit from a seamless payment experience while The Market Limited leverages an innovative digital solution to support its growth strategy.

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