SAN FRANCISCO, CALIF. — Stripe is announcing a new API method called Relay that aims to drastically improve the way both merchants and consumers transact on their mobile device.
With Relay, Stripe enables developers to create native app buying experiences instead of bringing them to a mobile website that often doesn’t convert. Merchants will also get a single dashboard system that will let them handle commerce across all the
One of the things that you can do through Stripe Relay is the ability to buy right from Tweets just by using a special link that’s provided by the Stripe dashboard (connect your account with Twitter, set shipping and tax policies, create products, Tweet, and manage your orders).
Naturally Twitter is Stripe’s first launch partner. Users will find it appears as a standard Tweet but now has a buy button embedded in it. When you click on the button, it’s going to appear in the app without taking you to the merchant’s website.
From VentureBeat
Spring, Shopstyle, and InMobi are also supported with Relay to create native mobile buying experiences, as well as SAP Hybris. Additional ones will be added in the future.
Stripe says so far, more than 4 million products have been created for Relay.
Studies show that 60 percent is spent on mobile devices and within that time, 88 percent is spent in apps with 12 percent just on the mobile Web. What’s more, Collision says that 15 percent of the time spent on mobile browsing is spent on e-commerce. “There’s a much higher cost. People want a frictionless instance and they don’t want to switch between sites,” he explained. “On top of that, the purchase flow on mobile is completely broken today with endless workflows to get to the intent. No one in their right mind will want to go through it.”
Companies have come to Stripe to help solve this use case. Collision says that it’s easier said than done because there’s too many channels for retailers to deal with and apps integrating with legacy systems is difficult because it’s antiquated technology. He wondered if there was a set of tools or APIs to solve this.
The company says that what is working are apps like Postmates or Instacart that have buying experiences that let the customer transact as quickly as possible while also letting them reuse their existing payment details over and over again without having to leave the app.
Today’s event is the first that the company has held with Stripe chief executive Patrick Collision saying that there was so much more news to fit beyond the 140 characters that the company would tweet out typically. He said the company is looking to build the tools to help improve “the overall GDP of the internet.” It’s about “infrastructure and product, code and design.”
Some of the companies that have taken advantage of Stripe’s products include Walmart, Warby Parker, Kickstarter, and “hundreds and thousands more.” Collision also touted Stripe’s importance in political campaigns, which he says are run similarly to startups, such as Rand Paul, Donald Trump, Hillary Clinton, Jeb Bush, and other presidential candidates.
In the past five years, Stripe has been rapidly ramping up its efforts to be the simple online payment platform for businesses through its set of APIs. It has raised $190 million for this cause including bringing in money from traditional financial institutions such as American Express and Visa. It’s reported that Stripe is valued at $5 billion.
The service has evolved itself to be more than just a business-to-consumer platform. It’s looked to be a seamless offering for marketplaces and sellers, and even has been pretty innovative in adopting new policies and technologies, such as Apple Pay and cryptocurrencies.
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