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Stripe signs up for payment ride with Uber

Technology

The payment software specialist welcomes another global partner and says businesses using its latest upgrade are enjoying revenue growth.

By Philip King 11 minute read

Payment software giant Stripe has expanded its partnership with Uber so that customers can add bank accounts to the ride-share app.

Stripe said Uber would use Link and Financial Connections for a secure and immediate connection that allowed customers to save bank details for future trips.

The global agreement with the ride-share app expanded Stripe’s strategic payments partnerships and in Australia the integration would make Eftpos available along with credit and debit options using Visa or Mastercard.

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Uber vice-president, payment, risk, and identity Karl Hebert said reducing payment friction and enabling savings was central to its operations.

“Stripe shares our commitment to reliability, customer centricity and continued innovation – which is why they are a key partner,” Mr Hebert said.

“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 Australia-New Zealand managing director Karl Durrance said a recent survey showed businesses were combatting inflation and other financial challenges by focusing on both reducing costs and increasing revenue.

“In the face of economic headwinds, many businesses in Australia are eager to maximise revenue on top of minimising costs,” Mr Durrance said.

“Our goal is to equip these businesses with powerful solutions to grow their income and optimise business processes.”

He said Stripe’s latest system Payment Element was helping businesses increase revenue and more than 100,000 businesses globally had upgraded.

Payment Element had assisted businesses to grow revenue by an average of 10.5 per cent compared to similar operations that remained on an older integration, a recent Stripe survey had found.

The Payment Element user interface could be customised to show the most relevant payment methods and worked with the Stripe Checkout payment page to optimise the options.

“Every business is working hard to increase their revenue while also increasing efficiency,” Mr Durrance said.

“Our recent findings show that a simple switch to the latest payment tools will allow businesses to improve their bottom line, which could have significant outcomes for a company’s long-term growth amid the economic downturn.”

 

Philip King

Philip King

AUTHOR

Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.

Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.

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