Payments Modernization: Stripe and AWS Redefine Payments Solutions

In today’s rapidly evolving payments industry, modernization has become paramount. Companies are looking for faster, more secure and personalized payment solutions to meet the growing demands of consumers, small businesses and enterprises.

This drive to modernize is transforming payments, enabling businesses to constantly innovate and iterate. The partnership between Stripe and Amazon Web Services Inc. is an example of this shift.

“We’ve been in this space for over a decade. We’ve helped over 13,000 platforms embed payments in some way,” he said Aakash SahneyHead of Product, Stripe Connect. “The embedded payment capabilities are really everywhere. We see companies like Shopify, Lightspeed, Housecall Pro — software platforms that are integrating payments for their users, that’s a big category for us — marketplaces like Lyft and DoorDash, as well as large enterprises like BMW integrating payments to make it easier for their users to use them, so we have a ton of experience across a lot of different industries.”

Sahney and Mark SmithHead of Payments and Market Development at Amazon Web Services Inc., spoke with CUBE Research Principal Analyst Shelly Kramerduring an exclusive interview with theCUBE, SiliconANGLE Media’s streaming studio. They discussed modernizing payments and how Stripe uses AWS cloud technology for payment processing. (*Information below.)

Payment modernization at the forefront

Modernization is playing a key role in the payments sector, addressing the needs of both established payments companies and newer fintech startups. We are focused on building solutions that meet today’s requirements while being fit for the future. Customers increasingly expect faster, more secure, and personalized payment options, and AWS works closely with its customers and partners to deliver these modernized, innovative solutions.

“The overarching theme we hear these days is the modernization of payments,” Smith said. “Whether you’re talking about a payments company that’s been around for decades or even centuries, or a fintech company that’s just starting out… we work closely with those customers and payment partners to make sure they’re not just building for today, but also for tomorrow.”

This push for modernization is driven by the need to meet customer demands for fast, secure, and personalized payments. Customers expect their payment experiences to be seamless and efficient, and AWS supports this by enabling businesses to continually innovate. Whether it’s a consumer, a small business, or an enterprise, everyone wants customized payment solutions that meet their specific needs, according to Smith. AWS helps its customers not only meet current demands, but also anticipate and prepare for future demands by providing a robust and flexible payment infrastructure.

“The biggest topic we talk about with customers is how do they envision these fast, secure, customized products or applications for their customers where they want to be, and then how do they continue to innovate and improve them using the data they’ve collected along the way to continue to delight those customers,” Smith said.

According to Smith, the AWS infrastructure allows Stripe to offer its customers a scalable and flexible payment experience.

Stripe’s Strategic Use of Scalable Technology

Stripe and AWS provide businesses with flexible and modern payment solutions. Stripe has learned the diverse needs of its customers and offers a variety of configurations to meet those needs.

“One of the things we’ve learned … is that the need isn’t one size fits all,” Sahney said. “When it comes to embedding payments, we give platforms the ability to invest in the areas they really want to invest in, and we hand the rest over to Stripe.”

This flexibility is key for platforms that want to provide their users with a seamless and integrated payment experience. With AWS, Stripe is meeting the diverse needs of its customers, Sahney added.

“If you want to build your own dashboard environment for your merchants and have a really tightly integrated environment, but you want Stripe to handle the risk management, you can do that,” he said. “Or if you want to take control of pricing but don’t want to handle the risk management, you can do that.”

Through innovation, Stripe is positioned to support its customers’ ambitions beyond payments. Many of the company’s customers are looking to offer a broader range of financial services, such as treasury solutions, which allow platforms to host financial accounts that their users can monetize. This capability demonstrates how Stripe, powered by AWS infrastructure, can help businesses expand their financial offerings and enhance their overall portfolio of services.

Here’s theCUBE’s full interview with Aakash Sahney and Mark Smith:

(*Disclosure: Amazon Web Services sponsored this segment of theCUBE.)

Photo: SiliconANGLE / DALL-E