Stripe Tests its Payments Tech in the UK

By John Adams

Published March 01, 2013, 10:45 a.m. EST

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Updated March 01, 2013, 9:46 a.m. EST

1 Min Read

Stripe, the payments startup that helps other payments startups, has begun a test of its platform in the United Kingdom.

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Stripe will provide its application programming interface for online and mobile payments, billing support, stored payment credentials, instant activation and Payment Card Industry security compliance services, according to Patrick Collison, who discussed the pilot at an address at the London Web Summit that was reported by various outlets. The beta will include payments on Visa and MasterCard cards in pounds and dollars, with euros to be added in the short term, according to reports.

Stripe’s technology allows websites to accept card payments without a merchant account or a gateway. Stripe charges 2.9% plus 30 cents per successful transaction. It doesn’t charge setup or monthly fees.

The company was founded in Canada in 2012 by Patrick and John Collison. Its investors include Sequoia Capital and PayPal founders Peter Theil, Elon Musk and Max Levchin. Levchin's new mobile payments startup Affirm relies on Stripe for processing.

Other companies, such as Dwolla, Jumio and ZooZ, similarly provide tech to support other payment providers.

Executive Editor, Payments

John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio

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