Stripe has become the primary payments infrastructure for BMW of North America, meaning US vehicle pre-orders and online purchases of extended warranties, maintenance, and digital services will be facilitated by the financial infrastructure platform.
Through the partnership, the ‘BMW ConnectedDrive Store’ and the ‘My BMW App’ payments will run on Stripe.
Mike Clayville, Stripe’s chief revenue officer, said it is helping BMW of North America to “enhance the premium automotive shopping experience”.
Stripe will power ConnectedDrive payments, through which customers can buy services and apps for use in BMW vehicles, and enable BMW users to securely store card information for future transactions.
The partnership will also support BMW dealers, with Stripe enabling BMW customers to pay online with debit and credit card methods.
BMW of North America will use Stripe Connect to facilitate online payments from its US customers to the correct BMW dealers, providing dealers with a full summary of payments from online sales of extended warranties and vehicle maintenance.
Marcus Casey, chief marketing officer at BMW of North America, said: “Stripe helps us offer BMW owners a secure and seamless payments experience across all channels.”
According to media reports, Stripe is planning an initial public offering (IPO), either via a direct listing or a private market transaction.
CNBC reported this week that Goldman Sachs and JP Morgan have been hired to advise the payments fintech.
Last month, Stripe became a strategic payments partner for Amazon in the US, Europe and Canada, and will expand its use of Amazon Web Services (AWS), in an extension of their existing partnership.