Adyen NV will process payments for tens of thousands of Subway Restaurant’s stores in the U.S. and Canada, under a deal with the fast-food chain announced Tuesday.
Adyen Chief Operating Officer Kamran Zaki said in an interview that his company would help Subway process orders in more than 20,000 venues across North America, adding that the fast-food firm is one of the biggest in terms of number of locations. Adyen has already started processing Subway payments in some stores.
The Dutch company is facing off with firms like San Francisco-based Stripe Inc. to sign on more merchants, positioning itself to bank a slice of customers’ transactions. EBay Inc. in 2018 announced it would ditch its longtime partner PayPal Holdings Inc. in favor of Adyen.
The deal to process payments for orders in-restaurant, online and through the Subway app comes as Adyen signs on a growing number of customers in the food and beverage industry. Adyen in December said it’d clinched a deal to process McDonald’s Corp.’s mobile app transactions.
“This is material and not a side project with a fantastic name,” Pieter van der Does, Adyen’s chief executive officer, said of the Subway partnership in an interview.
As global e-commerce continues to rise and as merchants look to facilitate customers’ payments, Adyen’s shares have increased three-fold since its initial public offering in June 2018. The Amsterdam-based company offers merchants payment processing both online and in stores and in a variety of local currencies. Other customers include Uber Technologies Inc., EasyJet Plc and Birchbox Inc., according to its website.
In a statement, Subway Chief Information Officer Mike Macrie said “Adyen’s payment platform will further allow Subway to bring the latest digital payment technologies to market,” as it continues its digital push to offer guests greater convenience.