By Mari Saito
SAN FRANCISCO (Reuters) – Payments processing company Stripe Inc launched a new tool on Monday that will connect retailers & brands to sell on platforms like Twitter Inc & tap an increasing number of consumers shopping on mobile apps.
Twitter's adoption of Stripe's new product, Relay, is expected to assist the microblogging site further dabble in e-commerce & generate revenue through its "buy buttons," which lets shoppers buy a product & enter payment & shipping information without leaving Twitter's platform.
Twitter has been struggling to increase its audience & in July said its number of monthly average users grew at its slowest pace since it went public in 2013.
"Almost two-thirds of our users say they bought something specifically because of what they saw on Twitter. … As mobile & social (media) continue to grow, consumers are going to discover & transact right in the apps where they spend their time every day," Nathan Hubbard, Twitter's head of commerce, said at a launch event in San Francisco, where both companies are based.
Stripe, which makes software that helps businesses accept various types of payments on websites & in apps, counts grocery-delivery startup Instacart, ride-sharing app Lyft & e-commerce platform Shopify among its clients.
The payments company's new Relay product functions as a universal sell button for retailers, allowing companies like eyewear brand Warby Parker to list products in a single place & sell them directly on Twitter as well as other e-commerce platforms like ShopStyle.
A smoother shopping experience is crucial to online retailers as they often blame the high rates of unfinished or abandoned online sales on the tiring process of re-entering payment information.
Stripe's chief executive & co-founder, Patrick Collison, who was moreover at the event, likened the usual difficulty of completing purchases through mobile devices to "an obstacle course," noting that two-thirds of mobile shopping carts are abandoned before the transaction is completed.
(Editing by Jonathan Oatis)