The connected economy is changing the way businesses operate in many aspects and is becoming increasingly important. After a successful partnership that has lasted more than a decade, Stripe has deepened its ties with Amazon as a strategic payments partner with the e-commerce giant. According to the Irish Times, under this new arrangement, Stripe will process a substantial portion of Amazon’s entire payments volume, which include Audible, Amazon Pay, Kindle, Prime, and Buy with Prime.
Stripe also has plans to extend its use of AWS in order to enhance security as well as increase efficiency in data processing.
“The platform gives Stripe enormous developer leverage, which we then deploy in service of our users,” said David Singleton, chief technology officer at Stripe. “As we look at the decade ahead, it’s clear the best path forward for Stripe and for our users is to partner more closely with Amazon.”
The partnership between Stripe and Amazon goes back all the way to 2017, when Amazon first sought out Stripe’s payments service in order to further intensify market expansion in both Asia and Europe. Stripe was also instrumental in supporting Amazon during events such as Prime Day.
“Stripe has been a trusted partner, helping accelerate our business at every turn,” said Max Bardon, vice-president of payments, Amazon. “In particular, we value Stripe’s reliability. Even during peak days like Prime Day, Black Friday, and Cyber Monday, Stripe delivers industry-leading uptime.”
Stripe is no stranger to payment partnerships as it endeavors to offer as many payment options as possible for their clients and their customers. We have covered just one of the many of these partnerships here.
This collaboration cements the fact that no one can succeed in a vacuum. Stripe’s growth strategy can be tied to its numerous strategic partnerships, taking advantage of this new, connected economy.