Top 10 News of Stripe for 2024

Introduction

Welcome, everyone! Today, we dive into the top 10 news stories surrounding Stripe in 2024, a year marked by significant advancements and strategic moves in the world of digital payments. As one of the leading financial technology companies, Stripe has consistently innovated to simplify online transactions for businesses of all sizes. From new product launches to strategic partnerships and industry insights, the developments we’ll discuss not only highlight Stripe’s growth but also reflect broader trends in the fintech landscape. Let’s explore how these stories shape the future of payments and the digital economy.

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Top 10 News of Stripe for 2024

1. Amazon uses Stripe Terminal to power payments for Just Walk Out technology in Australia and Canada
2. Stripe boosts cross-border commerce in Asia with AI-powered payments
3. Stripe becomes Accor’s primary global payments partner
4. Stripe launches new payments and financing tools to accelerate UK business growth
5. Stripe Sessions: 50+ announcements, including AI-powered payments, major upgrades to Connect, interoperability, and more
6. Stripe helps Best Buy with new online experience for health and wellness products
7. Stripe launches a series of enterprise-grade solutions for the French market
8. Stripe accelerates growth in Japan with new solutions for ambitious enterprises
9. Stripe expands in Toronto to accelerate Canadian business growth
10. A decade of growth and innovation: Businesses in Australia have processed over A$200 billion on Stripe

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Amazon uses Stripe Terminal to power payments for Just Walk Out technology in Australia and Canada

Amazon’s Just Walk Out technology is designed to be an effortless shopping experience. The guest enters the store by using their credit card or mobile wallet at the entry gate. The technology detects what shoppers take from or return to shelves and creates a virtual shopping session. When the guest completes the shopping experience, they can simply leave the store without waiting in line. Their chosen payment method gets charged for the items taken. Stripe Connect will programmatically route payments from shoppers directly to businesses using Just Walk Out technology. Amazon will continue to benefit from API reliability on Stripe consistently exceeding 99.999% uptime and authorization rates that remain high during peak shopping periods. Merchants in Australia and Canada use Stripe Terminal’s WisePad3 reader attached to physical entry gates, and Stripe automatically processes the payment after the guest leaves.

Stripe boosts cross-border commerce in Asia with AI-powered payments

• New Stripe data shows that cross-border revenue in Asia grew more than 30% in 2023.
• Stripe saw a 28% year-on-year increase in the number of Asian businesses that processed $1 million or more in payment volume on the platform.
• Asian businesses building on Stripe include Invideo, LG Electronics, M1 Limited, Shoplazza, TADA, and more.These features complement Stripe’s new Adaptive Pricing feature, which localizes prices across 150 markets including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand, allowing customers to pay in their local currency. Adaptive Pricing removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates. Stripe research shows that when given the option, 90% of customers choose to check out in their local currency. Businesses that use this feature experience a 17.8% increase in cross-border revenue and an 8% uplift in conversion, on average.

Stripe becomes Accor’s primary global payments partner

Accor has a strong ambition to establish a comprehensive ecommerce platform offering a variety of services beyond rooms including spa services, restaurants, and even unique experiences. It wanted to consolidate payments to simplify the booking process, and from an internal perspective, it needed to redistribute funds depending on the products and services selected by the guest. Previously, Accor used multiple payment gateways with different providers. With Stripe, Accor is implementing a single centralized system across all its hospitality properties for online bookings. Accor has already benefited from a significant net conversion rate gain at the checkout step for prepaid bookings on its ecommerce channels compared to previous systems. This has resulted in noticeable topline gains at the hotel level.

Stripe launches new payments and financing tools to accelerate UK business growth

Only 50% of bank loan applications by UK small businesses were successful last year, down from 80% in 2018. Without the funds to invest in new products, or modernize their processes, many small firms are forced to rein in their aspirations. In a recent study, less than half of UK businesses said they aspire to grow this year. With the launch of Stripe Capital in the UK, small businesses can access flexible financing to invest in their own expansion—whether that’s buying new equipment, growing their staff, or upgrading their customer experience. Stripe Capital uses a company’s transaction and business history on Stripe to proactively qualify businesses for financing. Funds hit approved accounts the next business day, and businesses repay the amount as they earn. Stripe Capital is proven to accelerate growth. An analysis of Stripe users in the US found that businesses that took financing from Capital grew their revenue 114% faster than peers, with the smallest businesses seeing revenue growth of 140% more than peers. Stripe Capital is now available to UK businesses that run directly on Stripe. Later this year, UK marketplaces and platforms that use Stripe Connect will also be able to use Stripe Capital to offer financing to their own users.

Stripe Sessions: 50+ announcements, including AI-powered payments, major upgrades to Connect, interoperability, and more

These launches are part of a broader initiative to make Stripe more interoperable, and to embrace a wider ecosystem of partners. Stripe also announced new ways for partners to extend Stripe’s capabilities, including:

1. More than doubling the number of apps in the Stripe App Marketplace, from 70 to 150, including new apps for Salesforce, Netsuite, and Adobe.
2. New integrations for Stripe Terminal hardware with Oracle OPERA, Teamwork Commerce, Erply, Mercaux, and Tulip.
3. A new partnership with American Express, which joins the roster of issuers that are part of Stripe’s Enhanced Issuer Network.
4. Stripe announces its largest ever set of new features, following a year in which the company processed over $1 trillion in payments.
5. New AI-powered payments features increase checkout conversion, boost authorization rates, and block fraud.
6. The biggest set of upgrades in Stripe Connect’s history make it easier than ever for platforms to embed financial services and grow their business.
7. Stripe becomes more interoperable, making it possible for businesses to adopt some of Stripe’s most widely used products while processing payments with other providers.

Stripe helps Best Buy with new online experience for health and wellness products

With Stripe, Best Buy was able to easily integrate payments into Wellness.BestBuyHealth.com, allowing it to go to market sooner with “technology and expertise that enriches and saves lives,” the company explained when it announced the expansion.

Stripe helps large retailers and businesses maximize payment authorizations with tools like Stripe Radar, Enhanced Issuer Network, Network Tokens, Card Account Updater, and more. With Stripe, businesses have generated billions in additional revenue as a result of fewer legitimate charges being declined.

Stripe launches a series of enterprise-grade solutions for the French market

• Stripe’s latest smart reader, Stripe Reader S700, is now available in France. The S700 provides a fully customizable platform for bespoke commerce experiences like taking orders, offering loyalty programs, collecting customer information, and more. For example, a restaurant might want to customize the S700 for preset tableside orders, payments, and tips, while a fitness studio might want to accept payments for single classes and offer membership options to their customers.
• Stripe has introduced a pre-built integration with Cegid, a leading retail unified commerce point-of-sale solution. Businesses using Cegid can now easily use Terminal to collect in-person payments without writing any code.
• Later this year, Stripe will enable CB on Terminal, helping merchants optimize cost and conversion seamlessly either via Visa, Mastercard, and CB, whether customers are paying with Apple Pay, a credit card, or their favorite payment method.

Stripe accelerates growth in Japan with new solutions for ambitious enterprises

• Stripe expands its product suite for domestic and global Japanese companies.
• Japan becomes the first market outside the US and UK to benefit from Stripe Identity.
• Sony Honda Mobility and DeNA become the latest Japanese enterprises to move to Stripe.Stripe launched in Japan in 2016 and now serves many of Japan’s leading enterprises, including Toyota, Nikkei, ANA Group, Tokyu, Morisawa, ORIX, and more. Stripe also supports global companies such as X, Shopify, Uber, Atlassian, and others that are extending their business into Japan.
  • Expand globally with Stripe Payments, which enables businesses to sell to over 195 countries in 135 currencies through more than 100 payment methods. More than half of Canadian businesses on Stripe already sell cross-border with new features such as Adaptive Pricing, which localises prices across 150 markets so their customers can pay in their home currency.
  • Provide contactless in-person payments using Tap to Pay on iPhone, which supports Interac Debit with no extra hardware required.
  • Eliminate checkout lines through Amazon’s Just Walk Out technology, which creates an effortless shopping experience at venues such as Scotiabank Saddledome and Scotiabank Arena.
  • Power complex revenue models with Stripe Billing’s usage-based billing, which lets businesses track their customers’ usage of products and services and charge accordingly. Stripe Billing is the company’s second product, along with its payments suite, to be ranked as a leader by industry analysts.

Stripe expands in Toronto to accelerate Canadian business growth

• The new Toronto office will support the thousands of Canadian businesses joining Stripe every day.
• Canadian companies have grown their payment volume on Stripe more than 50% over the last two years.
• Stripe serves many of Canada’s leading companies such as Enercare, Shopify, and FreshBooks.Between 2021 and 2023, payment volume on Stripe from Canadian companies grew more than 50%. The growth comes from thousands of Canadian businesses joining Stripe each day, along with long-standing users partnering with Stripe to launch new business models and expand their revenue streams. Shopify, a global e-commerce company supporting millions of businesses, uses Stripe to enable Shopify Payments and Shopify Balance as well as in-person payments.

A decade of growth and innovation: Businesses in Australia have processed over A$200 billion on Stripe

• New Stripe data reveals payment volume in Australia grew 5x from 2019 to 2023.
• At Stripe Tour Sydney, Stripe unveils new solutions to accelerate Australian business growth, including PayTo and Instant Payouts.Stripe also now offers Instant Payouts to all businesses in Australia to support their cash flow needs. Users can request payouts from their Stripe balances instantly, anytime, including holidays and weekends. Platforms and marketplaces on Stripe can also enable their own customers to receive instant payouts, and monetize this service by charging a fee. Businesses can transfer up to A$9,999 in funds to an eligible account within minutes of a card transaction. Funds typically settle in the associated bank account within 30 minutes.

Our Take on The Top 10

In 2024, Stripe solidified its leadership in fintech through strategic initiatives that align with evolving market trends. Notably, its partnership with Amazon to implement Just Walk Out technology in Australia and Canada exemplifies Stripe’s role in facilitating seamless transactions, catering to consumer demand for frictionless shopping experiences. Stripe’s focus on cross-border commerce in Asia, leveraging AI-powered payments, highlights its adaptability to regional needs. The introduction of Adaptive Pricing allows businesses to localize pricing across currencies, significantly enhancing conversion rates and streamlining international transactions.

The collaboration with Accor illustrates Stripe’s capability to consolidate payment systems for large enterprises, leading to improved conversion rates and operational efficiency in the hospitality sector. Similarly, Stripe Capital’s launch in the UK addresses funding challenges faced by small businesses, providing quick, data-driven financing solutions that empower growth. Furthermore, the announcements during Stripe Sessions, including AI-powered features and enhancements to Stripe Connect, showcase the company’s commitment to expanding its ecosystem. These innovations not only elevate Stripe’s offerings but also reinforce its position as a key player in the fintech landscape.

Overall, 2024 has been transformative for Stripe, marked by advancements that shape the future of online commerce and payment solutions, setting a standard for the industry.

Conclusion