Stripe, Amazon expand partnership to boost ecommerce

Tuesday 24 January 2023 12:01 CET | News

Amazon and global payments processor Stripe have signed an agreement to expand their partnership to broaden the former’s use of Stripe's core payments platform. 


Amazon Web Services (AWS) will also provide compute infrastructure to assist Stripe in serving businesses worldwide. The two companies have previously collaborated for more than a decade and this new agreement marks a continuation of their partnership. 

Amazon and global payments processor Stripe have signed an agreement to expand their partnership to broaden the former’s use of Stripe's core payments platform.

History of Amazon’s relationship with Stripe

Amazon started using Stripe in 2017 to accelerate market expansion in Asia and Europe and support millions of Prime Day,

Black Friday, and Cyber Monday purchases worldwide. Under the new agreement, Stripe will become a strategic payments partner for Amazon in the US, Europe, and Canada, processing a significant portion of Amazon’s total payments volume. The service will be employed across Amazon’s business units, including Prime, Audible, Kindle, Amazon Pay, Buy With Prime, and more.

Stripe has used Amazon Web Services (AWS) to provide its core compute infrastructure for some time. This partnership has enabled Stripe to improve developer productivity and hasten product development. Under the agreement, Stripe will continue to expand its usage of AWS and use its various services to improve global commerce, such as Graviton for data processing efficiency and Nitro enclaves for data security enhancement.

Stripe’s recent product and client expansion strategy

In the past quarter, the global payments processing platform made a couple of announcements revealing its commitment to product and market expansion in Asia-Pacific, apart from its foray into cryptocurrency.

In October 2022, Stripe, has announced its official launch in Thailand, aiming to make it easier and faster for businesses to access the global economy. Stripe announced at the time that it aims to offer Thai businesses the means to spend less time and resources on processing payments. Companies who chose to do business with Stripe are able to accept payments through PromptPay, apart from major credit card issuers like Visa and Mastercard.

In November 2022, fintech Society Pass (SoPa) has partnered with Stripe to integrate its payments platform and power transaction settlement services for merchants and consumers. According to the communication put forth at the time, Society Pass company will make use of Stripe’s anti-fraud technology, Stripe Radar, looking to detect and block fraud by utilising machine learning. 

In addition, merchants on SoPa’s ecosystem are now able to leverage Stripe’s payment infrastructure to accept credit and debit cards payments from customers, enabling their customers to checkout in a simple manner, while simultaneously providing consumers with an improved shopping experience. 

Back in Europe, Stripe was responsible for powering Apple Pay and Alipay’s integration with Netherlands-based payments orchestration company Akurateco at the end of 2022. According to the official press release, the integration will be expanding the list of payment methods for Akurateco clients, allowing them to securely accept one-time and recurring payments.

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Keywords: partnership, payment processing, ecommerce, card scheme, contactless payments
Categories: Payments & Commerce
Companies: Amazon, Stripe
Countries: World
This article is part of category

Payments & Commerce




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