Highlights:
- Amazon has been also planning to integrate Stripe as an integral part of its Buy with Prime service.
- As Stripe is expanding its cloud environment, it aims to utilize AWS Nitro Enclaves that are able to create an isolated compute environment under an Amazon EC2 instance.
Amazon.com Inc. is all set to extend the use of Stripe Inc.’s payment processing platform as a part of a continuous collaboration that both companies announced.
Also, Stripe will continue to use the public cloud of Amazon Web Services Inc. The payment processing startup has already been running numerous internal executions on AWS.
Millions of companies use the popular payments service that Stripe offers to process purchases. San Francisco-based Stripe has Google LLC, Amazon, Salesforce Inc., and other prominent players in its tech sector user base. According to the reports, Stripe generated a revenue of USD 2.5 billion in 2021 and is said to account for a valuation of USD 74 billion.
Since adopting Stripe in 2017, Amazon has been using its payment processing services to strengthen its market expansion in Europe and Asia. The payment platform assists Amazon in processing millions of purchase operations worldwide during Black Friday, annual Prime Day, and Cyber Monday promotional events.
Max Bardon, Vice President of payments at Amazon, said, “Stripe has been a trusted partner, helping accelerate our business at every turn. In particular, we value Stripe’s reliability. Even during peak days like Prime Day, Black Friday, and Cyber Monday, Stripe delivers industry-leading uptime. We appreciate Stripe’s relentless commitment to putting users first.”
As a part of the propagated collaboration, the retail giant will leverage the use of Stripe across its business processes. Stripe to become a “strategic payments partner for Amazon in the US, Europe, and Canada,” the companies stated. The payment platform is assigned to process a “significant portion” of the entire transaction volume of Amazon across multiple business units.
Audible, Amazon Pay, Kindle, and Amazon Prime units are going to use Stripe for payment processing. Amazon has also been planning to integrate Stripe as an integral part of its Buy with Prime service that facilitates online retailers to process purchases using supply chain infrastructure and Amazon payments.
Stripe is also intending to surge the use of AWS. It has been prioritizing the Graviton line of chips, an AWS technology. It is a series of CPUs developed internally, which commenced in 2018. Graviton 3, the most recent iteration, was announced last year and offers 25% better performance than the predecessor. While executing the machine learning workloads, Graviton 3 works 3X faster.
As Stripe is expanding its cloud environment, it aims to utilize AWS Nitro Enclaves that are able to create an isolated compute environment under an Amazon EC2 instance. These Enclaves do not entertain inbound network connections and voluntarily block unauthorized code from executing.
Nitro Enclaves are used to host sensitive applications that are at high risk of cyber-attacks. Fintech service providers such as Stripe can use it for secure payment data processing apart from other tasks. Nitro Enclaves, being isolated in nature, prevent vulnerable and sensitive data from hackers’ radar.
David Singleton, Stripe’s Chief Technology Officer, said, “We couldn’t run without AWS — and we wouldn’t want to. AWS is our customers’ first choice. The platform gives Stripe enormous developer leverage, which we then deploy in service of our users. As we look at the decade ahead, it’s clear the best path forward for Stripe and for our users is to partner more closely with Amazon.”