Stripe now enables merchants to embed the acceptance of digital payments, “with a full suite of developer-first tools that makes the entire payments experience seamless.”
Stripe is not only a key player within Fintech, but has also “grown to become one of the most valuable private companies in the world.”
Stripe’s mission is to “increase the GDP of the Internet” The internet is evolving and Stripe identified “a payment challenge that whilst crypto and Web3 has evolved, the way that people interact with this space is far too complicated.”
Guillaume Poncin, Stripe’s Crypto Lead explained:
“Web3 developers have many missing pieces that prevent them from delivering a great on-and-off-ramp payments experience. We need to provide developers with the right tools to get the Web3 payments experience to parity with Web2.”
In partnership with Zero Hash, Stripe took their first step on this journey “by launching an embeddable and customizable fiat-to-crypto onramp solution.”
Zero Hash CEO and Founder, Edward Woodford, had the opportunity to speak to Poncin, in order to discuss why Stripe is excited about innovation with crypto and Web3 rails.
And why they decided to partner with Zero Hash. They also talked about how Stripe and Zero Hash are focused on “removing barriers between web2 and Web3 for a seamless payments experience for startups and established companies alike.”
The opportunity that Stripe saw: Leveling up “the Web3 payments experience.”
The objective for Stripe were to solve challenges in the Web 3 payments experience:
- Support Web3 developers with better payments tools to offer a seamless fiat-to-crypto onramp experience for their end-users;
- Remove the complexity of onramp for Web 3, including fraud and KYC
- Enable consumers to seamlessly purchase tokenized Web 3 assets, including NFTs
For example, today, if you wish “to buy an NFT for the first time, you have to go through several steps.”
From a Web3 developer’s perspective, they need “to integrate a myriad of vendors to facilitate the NFT checkout experience.” A developer’s time “is best spent focused on keeping users in the app and providing the easiest way to complete a purchase.”
On the challenges that Stripe sought to solve, Guillaume said that:
“To us, this sounded like the early days of e-commerce — in the 2000s, it was very difficult to accept payments on the internet. Stripe made it easy with 7 lines of code famously and this enabled a whole generation of start ups. We wanted to do the same for Web 3.”
As noted in a blog post, the solution: A simple & embeddable fiat-to-crypto on-ramp
Stripe integrated Zero Hash’s infrastructure and “built an onramp solution leveraging just four Zero Hash API endpoints.”
Web3 developers can “embed and customize Stripe’s onramp into their site, with customization.”
Merchants have the ability “to purchase end-to-end in less than 30 seconds, and even less time when identity and payment methods are remembered through Stripe’s Link product.”
For more details, check here.