US/Ireland-based payment processing company Stripe just landed a huge customer.
Uber, the world’s largest ride-hailing service, just signed a “strategic payments partnership” with Stripe, which could help the $50 billion payment processor reverse a recent slowing of its revenue growth rate.
The partnership states that Uber will be incorporating Stripe’s services in eight of its largest markets, including the likes of the US, UK, Canada and Australia.
Stripe’s partnership with Uber comes after the companies had spent years working on a deal, and despite Stripe’s long-time close partnership with Uber rival Lyft.
For now, Lyft will remain a customer of Stripe, the company’s President Will Gaybrick said the press.
Uber Deal Another Huge Step Forward for Stripe
While the scope of Stripe and Uber’s partnership is as of yet still quite limited, the deal markets another big step forward for the payment processing company, which also recently landed deals with Amazon, Microsoft and BMW.
Uber sees nearly $100 billion in transactions per year globally. That’s almost one-eighth of Stripe’s entire processing business, which saw $817 billion in transactions last year.
For now, Uber will be using Stripe to let users import their banking details in order to pay for services like Rides and Eats directly from their bank accounts, giving users a wider range of payment options beyond just debit and credit cards.
In a statement, Uber’s vice president of payments, risk, and identity Karl Hébert said that “creating payments experiences that combine payments innovation, reduced friction, and cost savings is at the core of what we do… (giving) customers the option to easily pay with their bank accounts puts us in a position to tick all those boxes while providing access to an increasingly popular mode of payment”.
“Stripe shares our commitment to reliability, customer centricity, and continued innovation—which is why they are a key partner.”
The deal opens the door for further strategic cooperation between the two companies in the future.
“When we first started speaking (with Uber) several years ago they were excited for the ease of use and reliability, but we had a ways to go to convince them that we were powerful enough and performant on the market… Now that is how they see us,” stated Stripe President Gaybrick.
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This article was written for Business 2 Community by Joel Frank.
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