The news: Stripe launched more than 50 new features at its annual Stripe Sessions conference, per a press release.
Here are some of the key announcements:
Bringing AI to checkout.
- Stripe integrated AI into its Optimized Checkout Suite to customize which payment methods appear for each customer.
- Suggesting payment options based on past use personalizes the checkout experience, which can decrease friction and boost conversions.
Using AI for fraud solutions.
- Stripe launched several AI-powered features to combat fraud, including Radar Assistant. The assistant lets businesses input natural language prompts to describe new fraud rules, which the assistant will then draft and test.
- This could prove popular among merchants: Two-thirds (66%) of financial institutions that used AI or machine learning decreased their fraud rates, per research from PYMNTS Intelligence.
Diving further into crypto.
- Stripe will start supporting stablecoin payments this summer. The transactions will instantly settle on-chain and then convert to fiat.
- At first, Stripe will only accept Circle's USDC on the Solana, Ethereum, and Polygon blockchains.
- Stripe has a mixed history with blockchains. It ditched crypto payments in 2018 due to limited adoption but later launched solutions like a crypto tool kit and crypto onramp.
- Stripe is now diving into stablecoins as the stablecoin market inches closer to its all-time high of $188 billion in 2022: The total stablecoin market cap was valued at $160 billion as of April 26.
Opening up its ecosystem.
- Stripe will let companies use three of its most popular products—Optimized Checkout Suite, Stripe Billing, and Stripe Radar—even if they process payments with other providers.
- This move opens up Stripe to more customers, especially those who may be in long-term contracts with other processing providers.
The takeaway: Stripe is on a mission to break a profit and may be looking toward a long-anticipated IPO. These new launches can help Stripe with these goals by attracting new customers and boosting retention.