Of course, what has powered Stripe’s success are the continued innovations it makes to its checkout suite.
There are now over 100 optimisations for its checkout services. Even the smallest checkout change benefits from Stripe’s economies of scale, given it can amortise the fixed cost of complex improvements across more than US$1tn of transactions.
Recent checkout innovations include new pre-built payment surfaces (Stripe Payment Links, Stripe Checkout) and flexible UI components (Stripe Elements) which offer seamless, efficient ways to set up high-converting flows.
Such innovations present a checkout experience personalised to the end user based on the device they use, their location, language and the nature of the goods being purchased.
And yet despite the significant growth these innovations have helped Stripe achieve, for John Collison, the fintech’s US$1tn milestone is just the beginning.
He tells Fortune Magazine: “We are very early in the overall Stripe growth trajectory in the markets that we serve.
“Just to put concrete numbers on it: We’re a trillion dollars in payment volume, and we’re very proud to have passed that milestone.
“But, depending on how you define digital payments, it’s US$50tn-plus in total payment volume. So, we’re less than 2% of the overall digital payments market.”
Indeed, if 2% of the market represents US$1tn in payments volume for Stripe, there’s no telling just how high the fintech giant’s ceiling is.