Ford Motor Co Announces a 5-Year Agreement With Stripe for In-Vehicle Payment Processing
【Summary】Ford Motor Company and payment processing company Stripe have signed a five-year agreement that will help scale the automaker’s e-commerce capabilities. The payment options using Stripe will be available for Ford and Lincoln customers. Stripe allows businesses to create a platform to facilitate purchases and payments between third-party buyers and sellers, so the vehicle itself becomes a mobile digital wallet.
In the near future, drivers of 5G internet connected vehicles will be able to pay for goods and services right from a vehicle infotainment screen instead of using credit or debit cards or smartphone apps to pay for such things as gas or a cup of coffee.
To better facilitate these types of in-vehicle transactions. Ford Motor Company and payment processing company Stripe have signed a five-year agreement that will help scale the automaker's e-commerce capabilities. The payment options using Stripe will be available for Ford and Lincoln customers.
Ford's partnership with Stripe will not only enable seamless digital and e-commerce experience for drivers of Ford vehicles, it will also offer dealers an improved way to accept payments from customers.
Stripe's payment processing technology is used by major tech corporations, including, Amazon, Uber, Google, Microsoft, Salesforce and Spotify.
"We have been working with Ford to reimagine our e-commerce payment infrastructure. Stripe's platform will help us deliver simpler, outstanding payment experiences in any channel customers choose and scale improvements faster," said Marion Harris, Ford Motor Credit Company CEO.
Ford and Stripe will work together to grow the online payments infrastructure serving customers and dealers in markets across North America and Europe. Stripe also will enable Ford Pro FinSimple solutions for commercial customers. FinSimple is Ford's bundled finance offerings for vehicles, and includes digital and physical services as well as EV charging solutions.
With products like Stripe Connect, Ford will be better able to scale its new service offerings which requires a reliable and secure e-commerce backbone, which many automakers are working to establish with a tech partner from outside of the auto industry.
Stripe Connect allows businesses to create a platform to facilitate purchases and payments between third-party buyers and sellers, so the vehicle itself becomes a mobile digital wallet.
Ford will use Connect to facilitate a customer's payments to a correct local Ford or Lincoln dealer.
"Stripe has developed strong expertise in user experiences that will help provide easy, intuitive and secure payment processes for our customers," said Harris.
As Ford expands its e-commerce offerings, Stripe's platform will be a key part of the automaker's technology stack.
For those Ford and Lincoln dealers offering digital payment services, the addition of Stripe's payment processing technology is expected to drive new efficiency into processing of e-commerce payments, including vehicle ordering, reservations, digital services and EV charging services, according to Ford.
"We're thrilled to be the payments engine under the hood powering the next stage of Ford's digital transformation," said Mike Clayville, chief revenue officer at Stripe. "During the pandemic, people got comfortable paying online for groceries, health care, even home haircut advice from barbers. Now, they expect to be able to buy anything and everything online. Ford is making e-commerce possible, too, and scaling that strategy with Stripe's help."
The rollout of Stripe technology in Ford vehicles is expected to begin in the second half of 2022, starting with North America.
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