The news: Amazon and Stripe expanded their global agreement, making Stripe Amazon’s strategic payments partner in the US, Canada, and Europe, per a press release.
Stripe will process the majority of Amazon’s volume for services like Prime, Audible, Kindle, and Amazon Pay. It will also integrate more of Amazon Web Services’ (AWS) infrastructure into its system.
Key context: Stripe started working with Amazon in 2017 to help accelerate the etailer’s expansion in Asia and Europe. It also helped Amazon process volume for key shopping events like Prime Day, Black Friday, and Cyber Monday.
The expanded agreement gives Stripe processing power over more of Amazon’s business, which will benefit Stripe as it contends with economic headwinds:
The opportunity: Working with Amazon can bolster Stripe’s business, which relies heavily on digital spending.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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