Stripe, AWS partnership targets easy, global online payment processing for businesses
Ten years ago, brothers John and Patrick Collison saw the need for better online commerce platforms, cutting out manual and monotonous processes otherwise needed for developers to allow efficient and safe online payments.
They developed Stripe Inc. in 2010, which offers an integrated suite of products and a global payment and treasury network.
“If you think about the global payment and treasury network, or what we call the GPTN., it’s meant to not only help abstract all of that complexity from a global payment infrastructure point of view, but also help move money in a simple and borderless and a programmable way just like we do on the internet,” said Zaki Bajwa, (pictured), global head of partner solution engineers at Stripe.
Bajwa spoke with Lisa Martin and David Nicholson, co-hosts of theCUBE, SiliconANGLE Media’s livestreaming studio, during AWS re:Invent. They discussed how Stripe has evolved during the past 10 years, its plans for the future, its partnership with Amazon and more. (* Disclosure below.)
Earning its stripes
The pandemic accelerated the direct-to-consumer model, and Stripe was able to answer and handle upwards of 170 billion application programming interface requests in the last 12 months alone. Stripe is also excelling in availability performance, with an average of 13 seconds of downtime or less a month, according to Bajwa.
“Amazon helped accelerate infrastructure as a service, platform as a service and function as a service. We’re helping accelerate fintech as a service,” Bajwa said. “We believe every company in every industry aspires to add more and more fintech capabilities in their core services that they offer to their customers.”
Stripe adopted a developer-first approach, aiming to make it intuitive and natural for developers to build on its solution. One real-world example comes from one of the company’s larger clients, Lyft Inc.
“They wanted to create instant payouts for their drivers. So we worked with their developers to create an instant payout mechanism. Now, in six months, over 40% of their drivers are using Stripe Instant Payout.”
Watch the complete video interview below, and be sure to check out more of SiliconANGLE’s and theCUBE’s coverage of AWS re:Invent. (* Disclosure: Strip Inc. sponsored this segment of theCUBE. Neither Stripe nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)
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