Stripe teams up with Pinterest to launch new 'buy' button
Online payments company Stripe is teaming up with photo-sharing website Pinterest to power the firm's new "buy" button.
At launch, Pinterest will have 2m items ready for purchase through "Buyable Pins", which will appear as a blue button on pinned posts.
iPhone and iPad users in the US 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. Users will be able to buy without leaving the app, using credit card details stored with Stripe, PayPal-owned Braintree or through Apple Pay.
Pinterest said Android and web users will be able to use Buyable Pins "later this year". The button will roll out on mobile later this month.
"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. The buy button could be a significant step for Pinterest, which is valued at $11bn, as it looks to monetise its offering in a similar way to Twitter and Facebook.
Although Pinterest 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.
Facebook is also rumoured to be working on a buy button, which will also reportedly powered by Stripe. Stripe has already raised €171m from high profile Silicon Valley investors, including Peter Thiel and Elon Musk.
Stripe makes it easy for websites to accept online payments. It recently completed deals with Facebook and Twitter to power 'buy now' e-commerce functions on the social media sites.
Stripe, which is based in San Francisco, was founded in 2010 by the brothers.
Source: Irish Independent