The partnership with Uber came as Stripe began to experience slow growth.
financial services company Bandage and technology company Uber (NYSE:UBER) have entered In an expanded global partnership that provides Uber users with more flexible means to pay for services. As customers have more access to pay for their Uber rides and Uber Eats, the collaboration will also help Uber reduce payment costs. As news of a strategic payments partnership with Stripe hit the market on Wednesday, Uber shares jumped more than 4% before closing up 3.61%.
Uber has been on the rise since the beginning of this year and is continuing to build on last year’s winning momentum. The company is up about 35% over the last twelve months and is up about 53% since January. In the past three months, the ride-hailing service provider has grown by 20.17% and 21.59% over the previous month. UBER has gained 28.49% in last five days.
Stripe and Uber partner on better payment performance
According to Stripe, the deal allows Uber to increase the use of its payments platform on selected services in eight of Uber’s largest markets. This service will be extended to America, Japan, Australia, Canada etc. Meanwhile, Uber’s main rival in the US, lyft (NASDAQ: LYFT), has been a longtime partner of Lyft. In addition to using the financial services company to make payments at scale, the mobility service provider partnered with Stripe to develop Express Pay. This unique feature allows drivers to withdraw cash instantly whenever they want. The relationship between Lyft and Stripe has led many to believe that the payments platform will never accommodate Uber. As it stands, Lyft will remain a customer of the financial services company once Uber comes on board.
Notably, the partnership with Uber came as Stripe began to experience slow growth. Although the company did not explicitly note the decline, it was evident in the annual update published on April 5. Although the figures were impressive, they were lower than the previous year. While the transaction volume is expected to grow by 26% in 2022, it grew by 60% in the previous year. 1,000 new companies are added every day compared to 1,400 per day in the previous year. Also, stripe Confirmed that there was a wide difference:
“This is a significant drop from the alarming increase seen during 2020 and 2021. At the same time, we are as confident as ever in the long-term prospects of the Internet economy, and we are delighted by the continued advancement of millions of people. Business We face banking crises, wars, pandemics, energy shocks, supply chain issues, inflation and widespread volatility.
simultaneously, strip secure A valuation of $6.5 billion in March to reach a valuation of $50 billion. This is a big step up from the $95 billion valuation in 2021.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
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