Adyen has partnered with TabSquare to redefine the quick-service restaurant (QSR) industry in Singapore by using artificial intelligence (AI) to streamline payment options and address challenges faced by small and medium-sized enterprises (SMEs).

Priyanka Gargav, Adyen’s country manager in Singapore, and commercial head for Southeast Asia and Hong Kong, said that the company has collaborated with Singapore Airlines, Mandai Wildlife Reserve and Shopee, but found a new challenge in developing top-tier payment solutions for smaller businesses, leading to a strategic partnership with TabSquare.

Gargav remarked: “It can be quite hard for SMEs to get access to the world’s best payment solutions. One way for us to reach this more fragmented side of the market is to work with partners such as TabSquare.” She emphasised that while the solution was initially developed for platforms and marketplaces, it lends itself well to what TabSquare does, which is work with QSR.

The QSR landscape, with its emphasis on high volumes and thin profit margins, demands seamless and rapid transactions. The collaboration integrates different payment methods in one solution, a unified and enriched technological experience backed by the power of AI, elevating customer experience and adding to restaurant profitability.

Anshul Gupta, co-founder of TabSquare, stressed the importance of payment integration in the dining journey, saying: “From the technology perspective, QSR has very unique needs. It needs to be quick while focusing on giving great service to customers.” In ensuring secure transactions, he emphasised the need for major players like Visa and MasterCard to address this evolving segment, enhancing convenience for customers.

Adyen’s 17-years since its founding in 2006, and 10 years in the Singapore market positions it to grasp the distinct needs of the QSR industry, extending its focus beyond payments to digital transformation, including menus, receipts, vouchers, and promotions. This aligns with the broader industry shift from paper to digital for a more sustainable environment.

Priyanka noted the trend of physical payment devices evolving, blurring online and offline payment boundaries, with smaller portable terminals, tap-to-pay on mobile phones and QR code payment taking away the need for traditional point-of-sale terminals. The future of payments involves converging diverse payment methods into a unified ecosystem, offering a comprehensive solution for merchants. This approach addresses consumer and restaurant pain points, fostering a symbiotic relationship with evolving technology in the restaurant industry.