The news: Uber expanded its partnership with Stripe to cut checkout friction by letting customers pay with bank transfers, according to a press release.
Here's how it works: Uber will use Stripe’s payments platform for Uber Rides and Uber Eats in markets including the US, Australia, and Japan.
Why it’s worth watching: Stripe and Uber both stand to benefit from the tie-up.
Stripe’s expansion drive: The payments giant is branching out after a difficult period of layoffs and sharp valuation drops.
Stripe and its rivals are under pressure to maintain growth in a fiercely competitive environment. That’s forcing them to move into fast-growing markets where payments can be improved. Braintree, for example, is focused on ticketing and tied up with Live Nation, whereas Adyen partnered with Instacart, which could offer inroads into online grocery.
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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