WEBVTT
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Thank you. I work on products that support marketplaces,
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mainly payouts and other capabilities to move money globally.
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One of the reasons I love this work is because I'm fascinated by how ubiquitous
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marketplaces have become. In one week,
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I used six marketplaces,
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from transportation and tickets,
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to delivery, and dog sitting,
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to travel, and clothing resale.
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Marketplaces like these are so woven into our day-to-day that our lives would be
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noticeably different without them.
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But what really drew me to this work is the infrastructure underneath.
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Powering global multiparty business models is genuinely complex,
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and that's why we built Connect to orchestrate payments, payouts, onboarding,
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tax, compliance, and so much more.
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Connect now powers 16,000 platforms and marketplaces with 11
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million connected accounts. That's millions of sellers, service providers,
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creators getting paid on Stripe every single day. And the numbers back it up.
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Marketplaces are growing six times faster than traditional ecommerce.
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And by next year,
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marketplaces will account for two-thirds of online sales.
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And this is why we're seeing enterprise businesses like Nuuly, Toyota,
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and even the PGA stand up completely new business lines to connect customers
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with sellers and service providers.
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We're also seeing SaaS businesses like Figma launch app marketplaces and even
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AI platforms like ElevenLabs connect brands with creators in their ecosystem.
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So the real question isn't whether marketplaces will continue to grow.
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It's how they will evolve.
And we see three big shifts ahead.
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First, AI is going to reshape how customers discover and buy on marketplaces.
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Next,
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embedded finance will transform marketplaces into financial ecosystems of their
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own. And lastly,
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borderless rails will continue to drive marketplace growth,
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but faster, cheaper, borderless rails will create new opportunities.
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Let me show you what Stripe is building to support these shifts.
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We'll start with AI.
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So one in four Americans use AI to shop and agents convert at over four
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times the rate of traditional ecommerce. But at six months in,
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we're still in the early stages. And here's the challenge:
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every new AI shopping surface, whether it's ChatGPT, Perplexity,
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and whatever comes next, could require a new integration. That's not scalable.
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So we're building an Agentic Commerce Suite that lets marketplaces build once
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and sell everywhere with a single integration, not multiple endpoints.
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And this enables you to do four things. First,
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you can make your inventory discoverable by agents across protocols. Second,
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you can check out across agents. Third,
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you can protect against new AI initiated fraud patterns.
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And lastly, you can accept agentic payments using Shared Payment Tokens.
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Now let's talk about embedded finance.
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Marketplaces aren't just connecting buyers and sellers anymore.
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They're really becoming their own financial ecosystems by monetizing the
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economic activity that's already happening on their platforms.
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And this is especially true for payouts,
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which have historically been a cost center and operational headache.
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Embedded finance turns these payouts into a revenue line.
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87% of marketplaces have told us that instant payouts are critical for seller
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retention.
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And the embedded finance opportunity is enormous.
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It's on track to reach $7 trillion by 2030. And for years,
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Stripe has offered embedded finance through instant access to earnings, lending,
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and card issuing. And now we're adding embeddable wallets for marketplaces.
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Depop, who you're going to hear from shortly,
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are in the early stages of offering their own wallet so sellers can respend
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earnings on the marketplace.
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Because transfers happen instantly on the marketplace,
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interchange fees drop and seller loyalty goes up. And the stored funds,
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those can be monetized. Now,
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what if that wallet worked beyond just the one marketplace?
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You can imagine a SeatGeek wallet that includes merch credits at the venue or a
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DoorDash wallet that works for delivery and for buying coffee down the street.
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That's the vision.
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Wallets that make the marketplace the center of gravity for economic activity.
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So one wallet, more share of spending, all on your marketplace.
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And lastly, let's talk about expansion.
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67% of marketplaces have
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plans to expand to new countries in the next year. So the appetite is there,
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but the infrastructure really needs to keep up.
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And this is why we've improved and expanded our cross-border capabilities on
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Connect. With cross-border payouts,
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we keep you out of the flow of funds and compliant.
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We've also expanded to 30 new countries with more on the horizon.
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And lastly, for any marketplaces that sell in Europe,
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we know PSD3 is top of mind for you.
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We're in the early stages of allowing you to settle funds from other payments
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providers to Stripe,
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then use those same funds to pay out to your connected accounts while keeping
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you compliant.
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But the real accelerator here is stablecoins.
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79% of marketplaces are interested in having the ability to pay out in
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cryptocurrencies. That's not a niche.
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And this is why we're launching the largest expansion of Connect coverage in
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years.
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Marketplaces in the US and Europe will be able to onboard sellers across more
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than 100 countries and then pay out in stablecoins.
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Here's how it works: so today your marketplace accepts payments in dollars,
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and it used to be a five or so day process for earnings to settle in a seller's
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bank account. But with stablecoins,
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this flow is instant once the marketplace has received the funds.
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Let me show you.
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So Stripe converts those dollars into stablecoins using Bridge's Orchestration
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layer. The stablecoins are moved instantly into a seller's connected account,
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and then from there,
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sellers can instantly access their earnings through an external crypto wallet,
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or sellers can offramp the funds to their bank account in their local fiat
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currency in just a day. Faster, cheaper, and completely borderless.
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So now that we've covered where marketplaces are heading,
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from AI to embedded finance, to borderless expansion,
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the best way to hear and understand these shifts is to hear it from the people
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building the future right now. So with that,
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I'd like to welcome three marketplace leaders from Depop, DoorDash,
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and SeatGeek, alongside our product lead for marketplaces at Stripe. Thank you.
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Good afternoon, folks. I'm Timothy Glynn,
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product lead for marketplaces at Stripe.
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And one of the best parts about my job is that every day I get to work with some
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of the most innovative companies in such an exciting space. With that,
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I'm delighted to welcome Rebecca from Depop, Chris from SeatGeek, and A.J.
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from DoorDash. Starting with you, Rebecca,
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can each of you please introduce yourselves?
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Yeah, of course. I'm Rebecca Phillips and I look after payments at Depop.
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Depop's a fashion resale marketplace,
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and we're helping people to discover, buy, and sell secondhand fashion.
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Hey there. My name is Chris Sanger, and I run payments for SeatGeek.
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SeatGeek's a live event marketplace, and we also provide a primary platform,
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ticketing platform for clients, arenas,
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and stadiums.
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And hey all, A.J. Tus. I work at DoorDash.
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Some folks in the audience may know us as Wolt or Deliveroo in markets abroad.
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I look after our payments and fintech business.
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Excellent. So to kick us off today,
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we're going to have a little fun and play an icebreaker game.
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I'm going to name four technologies and I'm going to ask each of our guests to
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rate them either as overrated, accurately rated,
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or underrated. And then afterwards,
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we will dig into the rationale during the course of our discussion.
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The four technologies we're going to cover are agentic commerce, stablecoins,
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instant payouts, and embedded finance.
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Let's kick off with agentic commerce.
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I go first. I think it has to be accurately...
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Yeah, accurately rated.
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I say overrated.
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I'll agree with Chris and say overrated.
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Okay. Some variety on the hottest topic in the industry.
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Let's keep going. Stablecoin.
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Overrated, I'm afraid.
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I'll say overrated.
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I'll agree with both my colleagues and say a bit overrated.
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Another hot topic, but more consensus on this one. Instant payouts?
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Maybe more contentiously also overrated.
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I'd say accurately rated.
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Underrated.
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Mixed opinions. Okay. This is good.
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Maybe there's some business model nuance there. Wallets and embedded finance.
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Underrated, 100%.
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I would say underrated.
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I'll say fairly rated.
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This one seems like there's excitement. Okay. So let's dig into some deep dives.
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AI. AI is on almost every business leader's mind at the moment. Chris,
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I might start with you.
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You mentioned that you thought agentic commerce was overrated,
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but I know in some of our conversations you've also mentioned that you think
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there's some potential in search. Can you tell us more?
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Yeah, absolutely. So I think for everyone that was in the keynote yesterday,
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and I think most of us were, Kevin Miller talked about
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agentic commerce being a continuum from discovery to selection
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and then to purchase.
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And I think in that continuum from discovery through automated purchase,
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I think the most interesting section right now is really at the top of the
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funnel. So for us,
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I think it's going to be a while before all of us are actually making high-value
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purchases or delegating those purchasing decisions to agents at our favorite
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LLM, decisions that generally typically require consideration, thought,
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trust.
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What I do know is that millions of people today are
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searching in context of discovery on ChatGPT, on Gemini,
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on other agentic interfaces, and they're searching for open-ended questions.
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They're searching for questions like, "What should I do this weekend?
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Where's my favorite band playing?" For those types of questions,
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we absolutely want SeatGeek to be our events,
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our listenings to be front and center.
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So that feels much more relevant and proximate now.
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So that's where I'd say that I think that's underappreciated.
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The actual commerce transaction will get there. If you're not discovered though,
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I think that the purchase is going to be pretty difficult for you.
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And so all brands need to be thinking about that.
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Yeah. I mean, I have to say, I completely agree with you.
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It's going to be really interesting to see discovery pathways broaden.
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At Depop, when we think about scaling with AI,
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we are putting a lot of emphasis on how can we retain that
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individual-feeling experience, especially in this new world,
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that individuality, finding those unique items,
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and how can we really continue to hold onto that feeling and that experience?
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Yeah. I really agree with Chris and Rebecca.
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I think as users of these products,
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it's really easy to start thinking about where this goes in terms of buying
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things in commerce.
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And I think it's safe to say there's probably some fellow payments nerds in the
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audience here that immediate jump to solutioning,
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like how the transaction will actually work. But at DoorDash,
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we're thinking about that first piece. How does discovery work?
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How do we actually bring folks into our flow and make sure that we're capturing
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the transaction properly?
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I have some great colleagues here with me and the audience who are actively
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thinking about those questions. That's where we're focusing on today,
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and then we'll start thinking about the payment solutioning.
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Great. Let's move to stablecoins,
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an area all of you said was overrated. A.J.,
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I do know that DoorDash are thinking about some projects here with our Tempo
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team. Can you tell us more?
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We are. And I don't want to temper the work myself and the team are doing in the
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stablecoin space with my answer that this space can feel a bit overrated.
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Similar to the last topic, I think it's very easy to jump to the solutioning,
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and a lot of folks in the audience have probably had that pain point of a really
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slow or clunky transaction.
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And the promise of stablecoins bringing much less friction to those experiences
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is great.
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We're particularly excited around our payouts experiences for our merchants and
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our Dashers, thinking about how we can make those easier, faster,
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lower cost over time.
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And so we're excited to partner with Stripe and the Tempo team to think through
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how we can bring this new technology into that space.
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Chris, how does that track for you?
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Yeah. I mean, I think from our perspective or from my perspective,
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when I think about stablecoin, I'm looking at our marketplace.
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We're predominantly North America. We do have some,
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but limited cross-border money movement.
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So really until there's consumer demand,
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I think just at this point,
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I'm not sure that the incremental volume or economics outweigh the added
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complexity of on- and offramps.
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Yeah, I think that's a really good point.
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I think there's a lot of geographic nuance to how early it is and how
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appropriate it is for everyone's business.
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So instant payouts we have next, a topic that I'm personally excited about,
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and all of you heard from Whitney earlier that 87% of marketplaces see this as
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being key for retention,
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but you heard from our guests some mixed opinions. A.J.,
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I might come back to you. You said that this was underrated.
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Yeah, absolutely.
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I think instant payouts is a topic that maybe doesn't get as much love at events
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like these. It's not as much of a buzzword as some of the other topics.
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I've had the fortune at DoorDash my time here to travel around,
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meet with different merchants and Dashers who are part of our platform,
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and just these basic things about, hey,
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how do you get that payout a day or two earlier makes a real difference in that
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individual or that business's life. And so I think it's important to, again,
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talk to your users, think through how can I make their life a little bit easier?
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How can I reduce some of that friction?
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And we've seen a lot of progress in what instant payouts has been able to
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deliver to those audiences.
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Chris, can you tell us what you would think about this?
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Yeah. I said accurately rated. I agree with A.J.
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I think there's absolutely value for faster payouts,
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especially when your livelihood depends on it, like gig economy workers.
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In the context of SeatGeek and live event ticketing,
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I would say that the use case resonates most if you're a professional seller.
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If you're a professional seller and you're moving tons of tickets all the time,
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you're buying and selling tickets,
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that's a capital-intensive business to be in and access to cash means
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buying power. So I think there,
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I think there's definitely room and interest in faster payments.
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I will also say though that faster payments is as much about trust as it
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is liquidity.
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So right now with the professional sellers that we trust the most,
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they're generally getting paid out at fast anyway and their
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priorities are more at predictability, reporting,
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some other things there. I think that on the consumer side,
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consumer sellers, if you're selling a couple times a year,
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maybe because you couldn't make a show and you want to recoup the funds because
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you spent a lot on that ticket, there's I think a little bit less sensitivity.
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So I do think that the use case is relevant and we'll explore it,
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but I wouldn't overweight it in priority
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at this point for our marketplace.
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Rebecca, how does that track for you?
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Yeah, I mean, I'd said underrated and... Oh, sorry.
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No, I'd said overrated. So I think Depop,
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although we have some similar dynamics with having business-type sellers,
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we also have a lot of casual sellers.
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And I think inherently when you're thinking about instant payouts,
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you're thinking about moving money out of your platform as quickly as possible.
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And where we see a really big opportunity is actually in thinking about
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different things such as allowing a seller to respend their funds on the
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platform. And I guess that's where wallets come in.
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Yeah. Very nice segue. Rebecca,
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obviously you and I and our team's been working very closely on the wallet
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project,
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and I personally found it very interesting to see how much of an impact this is
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making in terms of trust and retention.
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Can you tell the audience a little bit more?
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Yeah, of course. So as a peer-to-peer fashion marketplace,
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we see a lot of organic overlap in buyers and sellers,
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and that presents a really clear opportunity for us to align
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those user experiences. So whilst we've been thinking about that,
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we've also been doing a lot of deep discovery into our seller payments needs.
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And what we've started to find is that actually trust and flexibility
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resonate far more deeply with our sellers than just speed of payouts.
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So then when you take those two things together,
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this organic overlap in both sides of our marketplace,
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and you add in this desire for flexibility and control,
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it's painted a really clear picture that the ability to hold funds on our
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marketplace and give sellers the choice,
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whether they want to withdraw or whether they want to spend,
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is really shaping the future of what Depop's payments experience is going to be.
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A.J.,
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I know at one point you were also thinking about wallets and you've also got a
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host of financial services at DoorDash. Can you say more?
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We are. Yeah. As we look at our marketplace, we really have three user groups,
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our consumers, our merchants, and our Dashers.
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And when we look at those user groups,
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each of them are already kind of coming to DoorDash with a financial need.
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Consumers want to buy things. Our merchants want to make incremental revenue.
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Our Dashers are looking for incremental earnings.
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And so we see that as a really natural entry point to consider what are other
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financial services that can help their needs and might be relevant to offer.
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And so we are actively thinking through for each user group what products make
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sense. On the wallet front, we focused on our Dashers.
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We've designed a program called Crimson,
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that's a bank account product the Dasher can adopt.
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It allows them to get paid out instantly after every Dash,
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again on the instant payouts front, a lot of value just from that feature,
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but then that becomes a platform to offer other relevant financial services.
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So we're excited about that product and we're actively thinking about what makes
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sense for our other audiences as well.
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Chris, how have you and the SeatGeek team been thinking about it?
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Yeah. So embedded payments, I think just a little bit of context,
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not only do we have the fan marketplace,
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but we're also providing software to our rights holders.
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So in the business, when we're providing ticketing software to teams,
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we've found that coupling ticketing software with payments,
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embedding payments rather, provides a win-win.
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We can provide unique value that's beyond the ticket.
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So what does that look like? For fans,
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that looks like we can create a seamless customer journey
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from the point of sale, from the purchase, to fulfillment,
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to scanning in at an arena,
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and then at an arena being able to have some sort of loaded value.
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That's the kind of thing that we're interested now in exploring is just what are
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the additional use cases we can do beyond just the ticket.
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And that's just for fans and we can support the whole thing.
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It's a unified support.
We own the transaction lifecycle
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and that's a much less-fragmented experience for anyone that's bought tickets.
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I think most people will appreciate a less fragmented, unified experience.
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In addition for our clients, our professional teams that we provide software to,
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having event-level visibility into money flows allows us to do things
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like split settlements into different bank accounts,
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depending on what the event type is. So you can have cash for your team,
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for your concerts, for your monster truck extravaganzas, whatever you have,
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like whatever content you're putting on.
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We can also reconcile everything back to the sale,
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all the cash back to the sale.
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So we can also are able to share more data,
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especially if we're providing loaded value
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at the venue, we can provide more insights there and data.
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Who scanned into the arena, what was bought?
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And of course for SeatGeek could also,
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it's another stream for us in addition to ticketing.
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Great. A lot of really good insight there. The less fragmented, the better.
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I like that one as well.
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So we've covered a lot of ground from AI to stablecoins,
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embedded finance as well. To close us out,
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what is the biggest insight you would like to share with the audience?
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I might start with A.J. on this one.
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Yeah. I think coming to events like this, Stripe Sessions,
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I love being able to connect with colleagues and learn what some of our partners
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are building and new technology that's coming out.
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If there's one insight I'd leave the group with,
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it's make sure you also listen to your customers.
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It's easy to see the latest and greatest financial technology that's coming out
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and immediately jump to, "Hey,
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what solution am I going to build and deploy?" But if you focus on just also
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chatting with your customers about the needs, they'll tell you what they need.
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It might be the latest and greatest.
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It might be something that's just sitting on the shelf,
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making sure that you are actually solutioning for them as opposed to just
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falling in love with a solution that is of personal interest.
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I think that's critical as you build and scale these types of financial
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products.
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Chris?
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Yeah.
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I would say that in addition to all of the amazing products
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that we're talking about, the new,
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I think there's quite a bit of energy and focus on just core payments.
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So things that we're rolling out just this week, we're rolling out PayPal,
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a new way to pay and get paid for our fans. We're also interested in
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managing transaction expense, sending more data to our issuers,
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making sure that we can improve auth rates. These are core payments things,
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but things that are tangible and things that we will
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be working on and essentially getting the fruit of that work.
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So yeah, I'd leave it there.
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Great. Rebecca, how about you?
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Yeah, I mean, I think we often ask ourselves questions like,
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"How might we drive discovery to increase checkout conversion,
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and how might we make seller payouts faster?"
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And I wonder if maybe the question that we should be asking ourselves is how we
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can speed up the velocity of payments within our ecosystem.
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Great. Well, A.J., Rebecca, Chris,
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thank you very much for a great discussion and thank you to all of you for
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joining us today. Awesome.
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Thank you.