Stripe Tour London: Everything new at Stripe
What does Stripe do?
Founded in 2010, Stripe is a technology company made up of multiple products, but at its core, Stripe builds economic infrastructure.
Stripe’s most popular tools include:
Stripe's global reach and focus on developer-friendly tools have made it a preferred choice for leading tech companies, including Amazon, Google, and Shopify.
By simplifying the complexity of online payments and financial operations, Stripe allows web development agencies like ours to focus on building business logic, rather than worrying about things like payment processing keys.
What was Stripe Tour London?
Stripe Tour London 2024 was part of Stripe's global roadshow, aimed at showcasing the latest innovations and product offerings of the company. Held on 21 May 2024, the event brought together industry experts, business leaders, and developers to discuss what’s next for Stripe.
So, what was announced?
One of the most striking revelations came from John Collison, co-founder and president of Stripe, who shared some impressive statistics about Stripe's growth.
With 600 new businesses joining Stripe every day and the platform handling $1 trillion in cash flow, it’s clear that Stripe is becoming a central pillar in the digital economy.
Additionally, it was fascinating to learn that 50% of UK businesses are now selling cross-border, a testament to Stripe's role in facilitating global commerce. This growth trajectory underscores how Stripe is not just growing in numbers but is also expanding its global influence, helping businesses transcend geographical boundaries effortlessly.
Pay By Bank
A key takeaway was the introduction of Open Banking-powered payments. This new method, dubbed Pay by Bank, promises to:
lower costs
speed up transactions
enhance cash flow management for businesses
Additionally, the faster payout capabilities using the UK’s Faster Payments Scheme were impressive, reducing the waiting time for businesses to access their earnings from days to hours.
Optimised Checkout Suite (OCS)
Ruhi, the Head of EMEA Product, introduced updates for the OCS. Already being used by companies like OpenAI, Slack, and River Island, the OCS updates are noteworthy, with conversion rates growing 3% and increased spend of 7% on average.
One of the tools introduced was the A/B testing tool. This tool allows you to A/B test different payment methods based on rules and without the need for a developer. For example, you could use Klarna in Scotland, but Clearpay in France.
Enhanced Payment Provider is another improvement, with AI-powered automatic switching for payment methods, depending on Stripe’s vast data points.
Security is always a top concern, and Tanya, the Head of Product Marketing, addressed this comprehensively. She discussed the alarming rise in fraud and how Stripe’s Radar is evolving to counter these threats. The inclusion of more payment methods and deeper fraud insights in Radar is a significant step forward.
Payments Insight Hub
Another exciting development is the upcoming Payments Insight Hub. This tool will provide businesses with a comprehensive breakdown of the payment funnel, enabling them to make more informed decisions.
The Hub is a powerful addition that promises to give businesses a clearer understanding of their payment processes, so they’re able to identify and address issues more effectively.
Stripe Connect
Finally, Alex Vogenthaler, GM for Payments and Connect Products, introduced sweeping changes to how Stripe Connect will work. Stripe Connect is a product that allows customers to create marketplaces and other applications that not only take payments, but process and payout payments too.
They’ve done away with Stripe Express, standard and custom, and are creating a more streamlined option going forward.
Looking to integrate Stripe into your application?
At Steadfast Collective, we build custom Stripe Connect integrations for web apps so businesses can effectively manage and handle payments. Find out more about how we use Stripe at our agency, or if you want to discuss how we can help you build your ideal application, let’s talk.
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