Global online platform, Temu, known for offering “value-for-money” products, has recently expanded its partnership with digital payment provider Checkout.com to improve how customers pay for their orders.
Checkout.com has been working with Temu since its launch in 2022, helping process payments worldwide.
With this enhanced partnership, customers will have a smoother checkout experience thanks to Checkout.com’s global payment network and advanced technology.
The company will now handle payments in over 30 markets, supporting a wide range of payment options – from major credit cards like Visa and Mastercard to digital wallets and “regional services like Tamara, a buy-now-pay-later option popular in the Middle East.”
Since 2022, Temu has grown in popularity and overall adoption, “with its direct-from-factory model passing savings to consumers.”
A benchmarking study by the London-based Centre for Economics and Business Research (CEBR) shows “that households can save up to £3,000 (US$3,793) annually by shopping on direct-from-factory platforms like Temu.”
With local acquiring licenses in France, the UK, Hong Kong, Singapore, the UAE, Japan, Canada, Australia, and New Zealand, Checkout.com “is delivering value to Temu merchants and consumers.”
Utilizing Checkout.com’s AI-driven payment optimization engine, Intelligent Acceptance, and extensive global transaction insights, the partnership leads to improved “payment performance and an enhanced checkout experience.”
A Temu spokesperson shared:
“We’re proud of the reliable and trustworthy experience we provide to our consumers alongside our everyday best offers. Checkout is an important partner supporting our mission to provide quality affordable products with its global reach and expertise, enhancing the digital payments experience for our customers.”
Brian Sze, General Manager of Checkout.com for the Asia-Pacific region, added:
“We are excited to empower Temu’s merchants with Checkout.com’s secure, stable, and convenient payment solutions, allowing them to focus more on their core business while ensuring a seamless checkout experience for consumers on the Temu platform.”
As covered recently, Checkout.com, a digital payments company, announced that its Intelligent Acceptance product, an AI-powered engine designed to help enterprise businesses boost their payment performance, generated over “$10 billion in additional merchant revenue.”
Powered by over 20 billion data points and insights from Checkout.com’s global network, Intelligent Acceptance applies “numerous optimizations at every step of the payment process (e.g., messaging, routing, authentication, credential lifecycle, and retries).”
With Checkout.com’s AI-powered engine learning in real-time, every successful payment optimization is instantly “available to all merchants using Intelligent Acceptance, meaning everyone benefits from the power of the network to improve acceptance rates, lower costs, and unlock revenue.”
