Irish-founded payments technology company Stripe has signed an expanded deal with Amazon that will see the fintech process more of the online retailer’s payments,.
The new agreement will see Stripe become a strategic payments partner for Amazon in the US, Europe, and Canada, processing payments for Prime, Audible, Kindle, Amazon Pay, Buy With Prime and other Amazon services. That accounts for a significant part of Amazon’s total payments volume.
[ Stripe enters 30-day consultation with staff over job cuts ]
Meanwhile, Stripe will increase its use of Amazon Web Services, which has acted as the company’s cloud infrastructure provider, to help grow the fintech business and serve customers.
The two companies have a long-standing partnership, working together for more than a decade. In 2017, Amazon used Stripe’s core payments technology to help drive growth in Asia and Europe, and support Amazon’s 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’s expansion of its AWS usage will see the fintech use the cloud infrastructure provider’s suite of services that help boost efficiency in data processing and enhance security.
Davos: Politics, business and climate change converge at the WEF
Climate change is one of the themes of this year’s World Economic Forum in Switzerland. Markets Correspondent, Joe Brennan, reports from Davos where a recent winter heatwave means the highest town in Europe has significantly less snowfall than usual. The Taoiseach, Finance Minister and a delegation from the IDA are there as part of Ireland’s attempt to court FDI. All three parties are awaiting news from Microsoft on how many Irish jobs will be among the plans announced today to cut its workforce by 10,000, globally. Berlin Correspondent, Derek Scally, reports on how Europe’s most senior data regulatory body has ruled the Data Protection Commission in Dublin has failed to investigate, with due diligence, data collection and processing at Facebook and Instagram. Critics say that may have deprived the exchequer of a multibillion euro windfall. With any subscription you’ll get unlimited access to the very best in unique quality journalism from The Irish Times. Subscribe today.
“The platform gives Stripe enormous developer leverage, which we then deploy in service of our users,” said David Singleton, chief technology officer of 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.”
[ Amazon kicks off round of job cuts affecting 18,000 people ]
Stripe, which was cofounded by Irish brothers Patrick and John Collison in 2010, has built an extensive payments infrastructure for companies and handles billions of dollars in transactions each year.
