Fintech Stripe, Uber to Enhance Payments Processing, Reduce Costs

Stripe, a financial infrastructure platform for businesses, announced an expanded global partnership with Uber Technologies, Inc.

Uber will significantly “expand its use of Stripe’s payments platform, including in the US, to reduce costs and give customers more flexible ways to pay for Uber Rides and Uber Eats.”

As one of the world’s “most sophisticated” platforms, operating in 70 countries and accepting 52 different payment methods, Uber is always “working on the future of payments—allowing customers to pay with their preferred payment methods without compromising on performance or reliability, all while reducing cost.”

Karl Hébert, vice president of payments, risk, and identity at Uber, said:

“Creating payments experiences that combine payments innovation, reduced friction, and cost savings is at the core of what we do. Using Link to give 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.”

Uber will use Link and Stripe Financial Connections “to allow customers to securely and instantly add bank accounts without leaving the Uber app.”

Saved bank details can then be “reused by customers for future purchases with Uber.”

In addition to Link, Uber is using Stripe “to process card payments on eftpos in Australia and JCB in Japan.”

Stripe is now “a strategic payments partner for Uber across many of its top markets, including Canada, the UK, France, Malta, Mexico, Brazil, Australia, Japan, and the US.”

Will Gaybrick, president of product and business at Stripe, said:

“Uber has been a pioneer in payments since the very beginning. Who doesn’t remember the magical moment hopping out of their first Uber ride without touching their wallet. Uber remains at the forefront of online payments today. As they look to provide ever more flexibility to their customers, we’re honored to do our part to help, and we’re thrilled to be along for the ride.”

Over 100 payments optimizations

Since it first launched in 2010, Stripe has “been obsessed with improving payments online.”

Today, Stripe reportedly “features more than 100 optimizations that enhance every aspect of the checkout experience, including pre-built payment UIs, more than 40 payment methods, and Link, Stripe’s native one-click checkout.”

Link speeds up checkout by “saving customer payment details that can be used for subsequent purchases at any Link-enabled business.”

Just last week, Stripe announced findings from “a controlled study that revealed that businesses using Stripe’s newest checkout optimizations saw 10.5% more revenue.”

Stripe also recently “improved Adaptive Acceptance, network tokens, and card account updater, and launched Enhanced Issuer Network, all with the goal of boosting authorization rates.”

Additionally, Stripe’s API reliability now consistently “exceeds 99.999%, which means that Stripe users such as Uber can be confident in its performance, even during peak usage.”

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