FOSTER CITY, Calif. (7/29/15)--Credit card issuer giant Visa Inc. has inked an agreement with payments startup Stripe--a move that both parties see as an opportunity to move the payments game forward.
Stripe facilitates merchant acceptance of credit and debit cards and charges a small fee per transaction.
Stripe CEO Patrick Collison said Visa and Stripe will work together in three main areas: tokenization security; digital payments; and emerging markets (Re/code July 27).
It will work with Visa to get access to its tokenization service, while continuing to use its own tokenization techniques. The companies also plan to design software such as buy-now buttons for retail websites.
Stripe also announced that it had raised funding from Visa as well as American Express and Sequoia Capital, which increased the 5-year-old company’s value to $5 billion (The New York Times July 28).