Stripe becomes the primary payments infrastructure for BMW

Tuesday 31 January 2023 13:12 CET | News

US-based financial services company Stripe has announced its partnership with BMW of North America to handle its ecommerce services in the US.

Included in the financial solutions provided by Stripe will be the preorders and online sales of BMW warranties, digital services, and maintenance services. Through this partnership, BMW aims to improve its customer experience, while meeting their needs, preferences, and expectations. 

BMW will leverage the Stripe Connect service to track and keep an eye on payments infrastructure for the North American region. Furthermore, the BMW ConnectedDrive service and My BMW App payment will also run on the Stripe platform. 

US-based financial services company Stripe has announced its partnership with BMW of North America to handle its ecommerce services in the US.


Stripe’s development strategy

Stripe is a financial service and software-as-a-service (SaaS) company that focuses primarily on offering payment processing software and application programming interfaces (APIs) for ecommerce companies, websites, and mobile applications. 

The solutions provided by the company include products focused on detecting and eliminating fraud or other online threats, sending invoices, reducing friction at checkout, getting financing, issuing virtual and physical cards, as well as managing business spending. 

Stripe had multiple partnerships and launches in the past few months, covering multiple geographies, including its commitment to product and market expansion in Asia-Pacific. 

In January of 2023, Stripe reportedly hired Goldman Sachs and JP Morgan Chase to advise it on a potential public listing within the following 12 months. Executives of the company set a goal of either taking the company public or enabling employees to sell shares in a private-market transaction, all within the above-mentioned timeframe. The two investment banks are allegedly set to advise Stripe on both options. 

Earlier in the same month, Stripe announced the agreement with Amazon to expand their partnership, in order to broaden the use of Stripe’s core payments platform. Amazon Web Services (AWS) also provided compute infrastructure to assist Stripe in serving businesses worldwide. The two organisations have previously collaborated for a longer period of time, more than a decade, and this agreement marked the continuation of the partnership. 

In 2022, Stripe also launched officially in Thailand, having as its primary aim to make it easier and faster for businesses to access the global economy. With its solutions and products, the company brought high-quality financial infrastructure to solve complex payment issues that Thai businesses were facing, allowing them to process payments faster and with fewer resources needed. 

Through this launch, businesses and corporations from Thailand had the possibility to focus on their core solutions and scaling, while entering a new list of international markets. Companies who developed their business with Stripe had the ability to accept payments through PromptPay, apart from the other major credit card issuers and networks like Mastercard or Visa. 

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Keywords: partnership, payments , ecommerce, digital payments, online payments
Categories: Payments & Commerce
Companies: Stripe
Countries: United States
This article is part of category

Payments & Commerce


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