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The Market Limited (ASX:MKT) has teamed up with Euronext Amsterdam-listed fintech player Adyen, who ranks as one of the biggest tech businesses in Europe, to deliver an online payments capability for Gumtree.
The move shapes as a direct revenue-raiser for the larger Market Limited brand (under which this publication also sits), given it will likely take a small fee from each and every transaction made using the payments on Australia’s largest classifieds website. Other Adyen-linked platforms like eBay and Uber take similar fees.
Right now, users can see the requested price for a product then get in touch with whoever created the ad. All payment negotiations and methods are handed elsewhere.
But not anymore. The new functionality is slated for an early December launch – and it will extend to Google and Apple Pay, too.
While management noted the benefits of having an easier way to purchase – “streamlined” – it was also framed as a safer way of doing business.
“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,” Market Limited Group CEO Tommy Logtenberg said.
“Our users can look forward to a fast and streamlined payment experience.
“This partnership is another example of how we are investing heavily in improving user experience and providing a safe platform for our customers. From the commencement of our integration with Adyen, all major bank cards, as well as Apple Pay and Google Pay will be supported.”
MKT last traded at 16.5cps.
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