Adyen "Adyen's opportunity within the Shopify ecosystem" (Buy) Forsythe

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Adyen "Adyen's opportunity within the Shopify ecosystem" (Buy) Forsythe

party/native layers, bringing it closer to the roles (albeit with de minimis volume share

today) historically occupied by Stripe and, more recently, PayPal. Our guest believes that

there are four principal reasons that enabled Adyen to enter this position (i.e.,

geographic coverage, APM/LPM coverage, omnichannel, and enterprise). First, Adyen

offers broad geographic processing coverage, particularly in EMEA and in markets

where a North American provider may be slower to build local rails or respond to new

regulatory mandates. Second, it offers a wider spectrum of local and alternative

payment methods (which are particularly important for Shopify Payments outside the

US). Third, Adyen has stronger omnichannel capabilities, combining online and card-

present processing with a common data and acquiring architecture. Fourth, its

enterprise orientation aligns with Shopify’s push upmarket (particularly relevant to

SHOP's managed strategic partnerships layer; point #2 above). Our expert noted that

Adyen could both 1) win incremental processing within Shopify’s native stack,

supporting Shopify Payments as it enters new countries,and 2) serve enterprise

merchants directly through the strategic third-party connection. In our expert's view,

regarding the native stack (point 1), Adyen is unlikely to displace Stripe uniformly, as

Stripe remains well positioned in North America. However, Adyen appears well placed to

gain share where Shopify needs higher local authorisation performance, broader APM

and LPM coverage, or faster entry into new markets. More processing options may

provide Shopify additional routing flexibility and negotiating leverage, which led our