Collison brothers' Stripe teams up with Pinterest to launch new "buy" button
Irish founded online payments company Stripe is teaming up with Pinterest to power the social media site's new "buy" button.
"Buyable Pins" is a feature set to roll out later this month on the iPhone and iPad that will let users buy products directly from the startup.
At launch, Pinterest will have 2 million items ready for purchase through Buyable Pins, which will appear as a blue button on pinned posts.
IPhone and iPad users in the U.S. will be able to pay using Apple Pay as well as their credit cards, with most transactions being handled by Stripe, the US-based payment processing company founded by Limerick brothers John and Patrick Collison.
Pinterest said Android and Web users will be able to use Buyable Pins "later this year." The button, which will roll out on mobile later this month and show up on 2 million product pins at launch, will let users shop without leaving Pinterest.
“We believe that if we focus on building an incredible experience for pinners, we’ll create a very big business down the line,” said Tim Kendall, general manager for monetisation at Pinterest.
Although it does not disclose its number of users, estimates put its audience in the US at about 75 million people.
Social media giant Twitter has also partnered with Stripe to power its in-stream buy button last fall.
Facebook is also rumored to be working on a buy button, which will also reportedly powered by Stripe.