Friday 23 August 2019

Twitter unveils new Stripe feature created by successful Collison brothers

Feature created by Irish payments firm Stripe will allow people to buy products on Twitter feed

The Collison brothers, John (L) and Patrick (R), who founded online payments firm Stripe
The Collison brothers, John (L) and Patrick (R), who founded online payments firm Stripe
EARNING HIS STRIPES: Patrick Collison
Adrian Weckler

Adrian Weckler

Twitter has unveiled a new feature created by Irish payments firm Stripe that will allow people to buy products within a Twitter feed.

The deal is part of Twitter's plan to allow companies to begin selling products and services from within the Twitter stream.

The move is set to further enhance the reputation of Stripe, which was founded by Limerick brothers Patrick and John Collison and is now valued at €1.3bn after it raised €60m in funding earlier this year,

At present, Twitter is heavily reliant on advertising, which lags behind rivals such as Facebook and Google.

The development, confirmed today by Twitter, will cement Stripe's reputation as one of the world's most important companies in the online payments business.

“Today we are beginning to test a new way for you to discover and buy products on Twitter,” said a blog post from Twitter today. “For a small percentage of US users that will grow over time, some Tweets from our test partners will feature a ‘Buy’ button, letting you buy directly from the Tweet.”

“This is an early step in our building functionality into Twitter to make shopping from mobile devices convenient and easy, hopefully even fun. Users will get access to offers and merchandise they can’t get anywhere else and can act on them right in the Twitter apps for Android and iOS.”

“Sellers will gain a new way to turn the direct relationship they build with their followers into sales.”

“In our test, an entire purchase can be completed in just a few taps. After tapping the ‘Buy’ button, you will get additional product details and be prompted to enter your shipping and payment information. Once that’s entered and confirmed, your order information is sent to the merchant for delivery.

“We’re not building this alone: we’ve partnered with Fancy, Gumroad, Musictoday and Stripe as platforms for this initial test, with more partners to follow soon.

In June, Stripe announced a deal with the Chinese payments giant Alipay that opens it up to China's 1.3 billion consumers. At present, one billion people outside China carry credit cards that can be used with the firm's payments system.

Stripe's backers include top-tier technology industry investors Peter Thiel, Sequoia Capital, General Catalyst Partners and Khosla Ventures.

Last month, the media magnate Rupert Murdoch described the Collisons as "brilliant" and Stripe as "outstanding".

The company has seen its operations expand in recent months, adding Australia to the list of countries that can now use its online payments system. It is also live in Ireland, Britain, the US and Canada, with an 'open beta' version operating in seven additional countries.

Stripe employs around 90 people, mainly in San Francisco. Stripe CEO Patrick Collison is a former winner of the BT Young Scientist competition and both brothers are past pupils of Castletroy College in Limerick.

Stripe is the second Silicon Valley-funded company founded by the brothers. In 2007 they created an online auction management software service, Auctomatic, which was later sold for $5m to a Canadian company.

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