The Stripe Ecosystem in One Giant Visualization
It seems Stripe is living up to the hype.
The fintech unicorn was just revalued at $9 billion after its latest round of funding led by General Catalyst Partners and CapitalG, the investment arm of Google’s parent company Alphabet Inc. The new financing, which almost doubled Stripe’s valuation, occurred despite a general slow-down in venture capital funding over recent months.
Why are investors doubling down on Stripe? It’s because the company seems poised to continue revolutionizing online payments, and it’s creating a ripple effect that is spreading throughout the entire e-commerce landscape.
The above infographic, courtesy of payment analytics software Control, gives insight into the rapidly evolving Stripe ecosystem – a key differentiating factor that investors are banking on with this five-year-old startup.
Breaking the mold
As is often the case with game-changing companies, Stripe was born out of frustration. Co-founders John Collison and Patrick Collison created the payment-processing platform after seeing an opportunity to improve the cumbersome online payment experience not just for entrepreneurs, but also for web developers and customers.
Stripe lets business owners set up an online payment system and start accepting payments in as little as 10 minutes, with a process that’s as simple as embedding a line of code.
Cutting Red Tape
To fully understand how freeing this is for business owners and web developers, consider how limited online payment processing used to be.
Traditionally e-commerce companies accepted payments online by connecting with third-party software such as PayPal, or by spending time and money setting up a merchant account and building a network for securely storing sensitive credit card information. While larger companies with teams of developers could do this, smaller companies were limited in their options.
Furthermore, setting up a merchant account required an arduous waiting period – sometimes even months – before approval could be granted and payments could be accepted. Once payments were processed, they were subject to days-long holding periods while they were put through various levels of regulatory bureaucracy.
How Stripe Works
Stripe is a PSP (Payment Service Provider) that lets business owners collect payments, including recurring payments, and transfer them directly to their own account instantly.
It does this by eliminating the need to store credit card information, which is what limited business owners before. Previously, when setting up an internal online payment system, web developers had to adhere to strict regulations surrounding the storing of credit card information, as per the Payment Card Industry’s Data Security Standard (PCI DSS). This is a complicated process that often requires a lot of paperwork and costly third-party consultation.
While any business or individual merchant collecting or handling credit card information is still required to maintain PCI-compliance, Stripe takes care of a lot of the legwork. Customers can enter their credit card information, which goes directly to Stripe’s secure servers, so site owners don’t have to store sensitive user data. Stripe processes the payment, checks for fraud, and takes a fee of 2.9% plus 30 cents. Business owners see the money in their bank account instantly, rather than having to wait days for clearance.
To customers, the payment experience is much the same, but faster and without the need to leave a current web page to visit a third-party page – as is the case with PayPal.
The Stripe Ecosystem
Perhaps one of the most unique aspects of Stripe is the ease with which web developers can build their own integrations that can merge with Stripe’s technology to fulfill other business requirements.
In many ways Stripe is like a giant lock into which web developers can insert their own custom-built “key”, unlocking a payment process that’s tailored to e-commerce. This has created a third-party integration ecosystem that spans nearly every aspect of running a business, from analytics to accounting, email, expenses, and shipping processes.
The best part? The massive Stripe ecosystem is accessible to anyone who uses the platform to run their online payment processing, and it truly allows developers and entrepreneurs to better serve their customers.
Big Players are Switching to Stripe
While Stripe was created with small business owners and startups in mind, recently some very big fish have joined forces with the payment processing platform, including Facebook, Lyft, Slack, Macy’s, and Target. With users in 110 countries and a recent foray into Asia, Stripe is now considered PayPal’s main competitor.
It’s no surprise then, that PayPal alumni saw Stripe’s potential early on. That’s why PayPal co-founders Elon Musk, Peter Thiel, and Max Levchin have all invested in the now $9 billion payment startup.
The Top Downloaded Apps in 2022
Six of the top 10 most downloaded apps in Q1 2022 were social media apps, and four of them are owned by Meta.
The Top Downloaded Apps in 2022
Whether they’re providing a service like ride-sharing or acting as a mere source of entertainment, mobile apps have become an integral part of many peoples’ day-to-day lives.
But which apps are most popular among users?
This graphic uses data from a recent report by Sensor Tower to show the top 10 most downloaded apps around the world in Q1 2022 from the Google Play and Apple App Store.
Social Reigns Supreme
According to the report, total app downloads reached 36.9 billion in Q1 2022, a 1.4% increase compared to Q1 2021.
A majority of the top 10 most downloaded apps were social media platforms, with Meta and ByteDance owning six of the top 10.
|2||Photo and video|
|7||Snapchat||Photo and video|
|9||CapCut||Photo and video|
Meta’s four platforms on the list are Instagram, Facebook, WhatsApp, and Messenger, while ByteDance owns TikTok and video-editing platform CapCut.
Just outside the top 10 are Zoom and WhatsApp Business (yet another Meta-owned app).
TikTok’s Winding Road to the Top
In Q1 2021, TikTok exceeded 3.5 billion all-time downloads, becoming the fifth app (and the first non-Meta app) to reach this milestone. This is impressive considering the app has been banned in India as of June 2020. Prior to the ban, India accounted for 30% of TikTok’s downloads.
India’s not the only country that’s banned the use of TikTok. Pakistan has blocked TikTok multiple times because of concerns over “inappropriate” content. However, it’s worth noting that the bans in Pakistan only lasted a few days before being lifted, and currently, Pakistanis are able to access the platform.
Top 10 Highest Grossing Apps
TikTok isn’t just the most downloaded app in the world—it’s also the highest-grossing non-game app, based on Q1 2022 revenue from the App Store and Google Play:
|2||YouTube||Photo and video|
TikTok generated an impressive $821 million in consumer spending in the last quarter. The video-sharing platform was the top-grossing app on the App Store, and the second-highest-grossing on Google Play, coming just after Google One.
While none of Meta’s platforms made it onto the top 10 list for gross revenue, these platforms make a ton of money that doesn’t necessarily flow through app stores. In 2021, Meta generated more than $117.9 billion in revenue, with over 97% of that coming from ads.
Growth’s on the Horizon
The pandemic had a massive impact on the app market.
In 2020, app spending on things like premium access, in-app purchases, and subscriptions surged by 30% year-over-year to reach $111 billion.
And while COVID-19 restrictions are easing in most places around the world, app spending isn’t likely to taper off anytime soon. By 2025, spending is expected to grow to $270 billion.
Synthetic Biology: The $3.6 Trillion Science Changing Life as We Know It
The field of synthetic biology could solve problems in a wide range of industries, from medicine to agriculture—here’s how.
How Synthetic Biology Could Change Life as we Know it
Synthetic biology (synbio) is a field of science that redesigns organisms in an effort to enhance and support human life. According to one projection, this rapidly growing field of science is expected to reach $28.8 billion in global revenue by 2026.
Although it has the potential to transform many aspects of society, things could go horribly wrong if synbio is used for malicious or unethical reasons. This infographic explores the opportunities and potential risks that this budding field of science has to offer.
What is Synthetic Biology?
We’ve covered the basics of synbio in previous work, but as a refresher, here’s a quick explanation of what synbio is and how it works.
Synbio is an area of scientific research that involves editing and redesigning different biological components and systems in various organisms.
It’s like genetic engineering but done at a more granular level—while genetic engineering transfers ready-made genetic material between organisms, synbio can build new genetic material from scratch.
The Opportunities of Synbio
This field of science has a plethora of real-world applications that could transform our everyday lives. A study by McKinsey found over 400 potential uses for synbio, which were broken down into four main categories:
- Human health and performance
- Agriculture and food
- Consumer products and services
- Materials and energy production
If those potential uses become reality in the coming years, they could have a direct economic impact of up to $3.6 trillion per year by 2030-2040.
1. Human Health and Performance
The medical and health sector is predicted to be significantly influenced by synbio, with an economic impact of up to $1.3 trillion each year by 2030-2040.
Synbio has a wide range of medical applications. For instance, it can be used to manipulate biological pathways in yeast to produce an anti-malaria treatment.
It could also enhance gene therapy. Using synbio techniques, the British biotech company Touchlight Genetics is working on a way to build synthetic DNA without the use of bacteria, which would be a game-changer for the field of gene therapy.
2. Agriculture and Food
Synbio has the potential to make a big splash in the agricultural sector as well—up to $1.2 trillion per year by as early as 2030.
One example of this is synbio’s role in cellular agriculture, which is when meat is created from cells directly. The cost of creating lab-grown meat has decreased significantly in recent years, and because of this, various startups around the world are beginning to develop a variety of cell-based meat products.
3. Consumer Products and Services
Using synthetic biology, products could be tailored to suit an individual’s unique needs. This would be useful in fields such as genetic ancestry testing, gene therapy, and age-related skin procedures.
By 2030-2040, synthetic biology could have an economic impact on consumer products and services to the tune of up to $800 billion per year.
4. Materials and Energy Production
Synbio could also be used to boost efficiency in clean energy and biofuel production. For instance, microalgae are currently being “reprogrammed” to produce clean energy in an economically feasible way.
This, along with other material and energy improvements through synbio methods, could have a direct economic impact of up to $300 billion each year.
The Potential Risks of Synbio
While the potential economic and societal benefits of synthetic biology are vast, there are a number of risks to be aware of as well:
- Unintended biological consequences: Making tweaks to any biological system can have ripple effects across entire ecosystems or species. When any sort of lifeform is manipulated, things don’t always go according to plan.
- Moral issues: How far we’re comfortable going with synbio depends on our values. Certain synbio applications, such as embryo editing, are controversial. If these types of applications become mainstream, they could have massive societal implications, with the potential to increase polarization within communities.
- Unequal access: Innovation and progress in synbio is happening faster in wealthier countries than it is in developing ones. If this trend continues, access to these types of technology may not be equal worldwide. We’ve already witnessed this type of access gap during the rollout of COVID-19 vaccines, where a majority of vaccines have been administered in rich countries.
- Bioweaponry: Synbio could be used to recreate viruses, or manipulate bacteria to make it more dangerous, if used with ill intent.
According to a group of scientists at the University of Edinburgh, communication between the public, synthetic biologists, and political decision-makers is crucial so that these societal and environmental risks can be mitigated.
Balancing Risk and Reward
Despite the risks involved, innovation in synbio is happening at a rapid pace.
By 2030, most people will have likely eaten, worn, or been treated by a product created by synthetic biology, according to synthetic biologist Christopher A. Voigt.
Our choices today will dictate the future of synbio, and how we navigate through this space will have a massive impact on our future—for better, or for worse.
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