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News: Stripes Australia, Canada Introduce Tap to Pay on Android for Stripe Terminal Merchants, New Zealand, Singapore, UK and US, according to TechCrunch.
- The technology allows merchants to accept face-to-face contactless payments using Android mobile devices equipped with NFC technology.
- Compatible payment methods are: Google Pay and visa, master Cardand american express card.
Stripe already offers tap to pay on iphoneApple’s software POS (softPOS) solution.
chance: Android’s Tap to Pay completes Stripe’s terminal product suite and can improve merchant loyalty by leveraging two key trends.
- The adoption of contactless payments is growing. Global contactless payment value to rise from $4.6 trillion in 2022 $10 trillion by 2027, according to Juniper Research. Stripe’s Tap to Pay on Android enables merchants to meet consumer demand for contactless payments.
- Increase in softPOS demand. The number of global merchants deploying soft POS services is as follows. Expected to exceed 34.5 million increased from just 6 million in 2022 to 2027, Around Another Juniper Research Report. SoftPOS solutions are growing in popularity as they allow merchants to accept contactless payments without purchasing additional hardware.
Tap to Pay on Android will allow Stripe to tap into a large addressable market. About 72% of mobile operating systems worldwide in January, Around stat counter.
Notable reasons: Online payments have always been Stripe’s bread and butter, but the company Available in-store Gain and mitigate a broader merchant base Normalizing e-commerce growth: Global e-commerce growth is expected to grow 8.9% YoY in 2023, up from 26.7% in 2020. Worldwide retail e-commerce sales forecast.
- with stripes Aims to raise $2.5 billionthese efforts will help convince investors that the company is still on an upward growth trajectory despite recent economic headwinds. Laid off about 14% of staff in November.
- Stripe’s performance seems to be on track, which should boost its fundraising efforts. The company, which has been in business for 13 years, make a profit this year and reached $1 trillion payment volume— milestone taken PayPal 23 years to achieve.