Adyen (ADYEN) Morgan Stanley 25th European Technology, Media & Telecom Conference summary

Platform evolution and technology foundations

• Built a single global tech stack enabling both online and in-person payments worldwide, with banking licenses in key regions for end-to-end control.

• Dynamic, behavior-based identification leverages real-time data to enhance fraud detection and customer protection.

• AI accelerates fraudster tactics, making real-time behavioral analysis essential for security.

• Unified data from a single platform enables risk assessment and improved onboarding and fraud prevention.

• Scale and unified platform allow seamless connection and analysis of transactions.

Innovation, product suite, and competitive differentiation

• Adyen Uplift suite optimizes the entire payments conversion funnel, improving authorization rates, cost management, and fraud prevention.

• U.S. debit routing leverages alternative networks for cost and performance optimization, enabled by direct partnerships and in-house tech development.

• Machine learning-based fraud tools (Protect) see high adoption, with 2/3 of new customers using it from day one.

• Unified commerce offering processes both online and in-person payments through one integration, providing a holistic view of shopper behavior.

• Expansion into new verticals like hospitality and food & beverage, with technology as a strategic differentiator.

Market opportunity and growth strategy

• Addressable payments market estimated at €26 trillion, with current 5% share and significant room for growth.

• Payments market expected to double over the next decade; financial products present a €127 billion revenue opportunity, growing at 20% CAGR.

• Complexity in payments is rising, shifting the market from commodity to functionality, favoring differentiated solutions.

• Unified commerce and SMB penetration in Europe and the U.S. remain major growth levers.

• Platforms and embedded finance for SMBs are growing over 50%, with vertical SaaS providers driving adoption.