Airbnb and Stripe Collaborate to Power its Financial Infrastructure
«Stripe has signed a partnership with Airbnb, providing it with a new bank payments system for customers,» writes Louis Thompsett in an article published on May 19, 2023.
As part of the collaboration, Airbnb guests will now have the option to pay for their accommodations using a linked bank account. The partnership allows Airbnb customers in the US to utilize Stripe Financial Connections and Link, which eliminate the need to re-enter bank details for each booking, simplifying the payment process during rebooking.
The decision to partner with Stripe for its Financial Connections and Link products aligns with the increasing popularity of bank payments in the US. Stripe’s data indicates that two-thirds of banks are adopting bank debits to offer flexible payment options and boost sales, as more US consumers shift away from cash usage.
Dave Stephenson, Airbnb’s CFO, expresses enthusiasm for the partnership, stating, «We are excited to partner with Stripe to provide our guests with more options to pay for their travel, including paying by bank with Link».
By joining forces with Stripe, Airbnb gains access to over 100 optimization tools that enhance various aspects of the checkout experience. These tools include pre-built payment user interfaces, more than 40 payment methods, and fast checkout capabilities using saved data from previous purchases at Link-enabled businesses.
Mike Clayville, Chief Revenue Officer at Stripe, emphasizes the benefits of the collaboration, saying, «Anyone who’s made a booking on Airbnb knows how great the experience is. For guests who want to pay using their bank account, we’re thrilled to partner with Airbnb to offer bank payments as an option that’s just as fast and convenient as anything else».
The partnership between Airbnb and Stripe follows a study conducted by Stripe, which revealed that businesses integrated with Stripe’s payment platform experienced a 10.5% increase in revenue when utilizing its payment optimization features. This collaboration also comes after Stripe expanded its payments deal with Amazon in January 2023 and Revolut in July 2022.
In an interview with FinTech Magazine in March 2023, Emma Gunby-Burrows, Stripe’s UK Head of Engineering, shared her fintech journey and highlighted the importance of showcasing women in leadership positions within the industry: .
«We are excited to partner with Stripe to provide our guests with more options to pay for their travel, including paying by bank with Link.» — Dave Stephenson, Airbnb CFO.
«Anyone who’s made a booking on Airbnb knows how great the experience is. For guests who want to pay using their bank account, we’re thrilled to partner with Airbnb to offer bank payments as an option that’s just as fast and convenient as anything else.» — Mike Clayville, Chief Revenue Officer at Stripe.