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Uber and Stripe Expand Partnership to Enable Pay by Bank

Uber and Stripe have announced the expansion of their partnerships in the sphere of payments in the United States, Japan, and Australia.

Uber and Stripe Expand Partnership to Enable Pay by Bank

Source: motionarray.com

By using the Stripe payment platform more actively, Uber will be able to reduce the level of expenses for performing relevant financial operations, increase transaction efficiency and provide customers with an improved choice of payment options. This is stated in the company’s press release, which was published last Wednesday, May 3.

Carl Heber, Uber’s vice president for payments, Risks, and Identity Identification, says that the fundamental idea of the set of principles that determine the financial side of the company’s activities is to create a transaction service that combines innovative solutions, cost-savings, and minimizing friction. He also noted that using Link to provide customers with the opportunity to pay from bank accounts without problems allows the firm to combine all aspects of the financial component that are fundamental to it within the framework of a whole offer.

Research results indicate that in the United States, 46% of consumers of financial services use bank transfers online.

The speed of online transactions is one of the top priorities for clients of commercial companies and financial institutions. Bank transfers in this mode are preferred by consumers for periodic payments on bills. This payment method is gaining popularity, which means that the scale of its implementation will expand.

As part of the cooperation with Stripe, Uber will use Link – a one—click checkout service – and Stripe Financial Connections so that customers can add bank accounts in the Uber app and use these saved details for future purchases in Uber Rides and Uber Eats. The firm also uses Stripe services to process card payments at EFTPOS in Australia and the Japan Credit Bureau (JCB).

Stripe’s president of products and Business, Will Gabrick, says that Uber is currently at the forefront of online payments. He noted that the partner company strives to provide customers with even greater flexibility. The Stripe representative also noted that the contribution to the realization of Uber’s aspirations is particularly valuable for this company.

The announcement of the expansion of cooperation came at a time when connected consumer interaction with ride-sharing platforms such as Uber and Lyft, as well as the home-sharing site Airbnb, increased by 27% in February. The audience coverage has increased by 18 million people.

As we have reported earlier, Uber Expands Robotic Delivery to Lower Cost.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.