Stripe has been selected by Facebook to power its ‘Buy’ button. Facebook had begun testing the payments feature back in July. Last year, Facebook had partnered with Stripe to enable auto-fill of payment information for third-party apps.
The partnership with Facebook, which was first reported by Re/code, reveals that Stripe has become the sole payments partner for the Facebook ‘buy’ button testing phase. Facebook had earlier partnered with Braintree for the same but Stripe eventually came out as the most feasible option for Facebook. This can be attributed to Stripe payment capabilities across multiple channels and its focus on different payment verticals.
Facebook is prioritizing on the user’s privacy and make the payment experience safe and secure. The credit or debit card information will not be shared with advertisers, as promised by Facebook. Although users do have an option of saving payment information, as part of their profile, for future purchases. Stripe is now clearly helping Facebook in both the regards.
Stripe as a promising partner
Stripe is trying hard to make a mark in mobile payments space. Run by Limerick brothers, Stripe is a popular mobile payment app in U.S. and Canada. Stripe had acquired funds worth $80 mn earlier this year and has raised up to $120 mn till now. Stripe has gone global to rival other players. It supports around 130 currencies and is increasing its geographic reach since it served only 12 countries earlier this year.
Stripe is looking to rival big brands. Stripe had also been selected by Twitter few weeks back when the micro blogging site began testing ‘buy’ button. Stripe had also revealed its integration for Apple Pay when it was launched on Sept 9. Alipay, the popular Chinese online payments service, is also among Stripe’s partners. Through Stripe, Alipay brought buying opportunities in the West for Chinese consumers and enabled U.S. and European merchants to target these customers.
Stripe has shown a remarkable growth within the past year. Not only has it added Apple, Alipay & Twitter to its list of partners but its recent partnership with Facebook clearly shows that it can now boast of its list of high profile partners.
Stripe is not only focusing on big time collaborations but is also targeting different payment domains to enhance its service portfolio. Stripe has made certain developments in area of decentralized payment networks and crypto-currencies. Earlier this year, Stripe had invested $3mn in Stellar, a decentralized payment network and protocol which supports traditional currencies as well.
Stripe has expanded its operations in recent months, adding Australia, Ireland, UK to its list of nations accepting its online payment system. In other countries, it is successfully operating as an ‘open beta’ version.