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AI-based payment Asia Checkout Service
Stripe has expanded its market coverage and AI-powered payments to support cross-border commerce in Asia. The updates came as part of Stripe Tour Singapore, the company's annual product expo in the region.
“Last year, Stripe's cross-border payment volumes in Asia grew by more than 30%. Building on this momentum, we are providing businesses with the tools to accelerate revenue growth, including an optimized checkout suite, the ability to show customers local prices, and advanced fraud prevention tools, helping Asian businesses improve their bottom lines,” said Sarita Singh, regional head and managing director, Southeast Asia, India and Greater China, Stripe.
Stripe's Optimized Checkout Suite, which enables businesses to build high-performing checkout flows, now uses AI to determine which payment methods to show to specific customers. Businesses can also run code-free A/B tests of payment methods, an industry first and available only with Stripe.
These features complement Stripe's new Adaptive Pricing feature, which localizes prices and allows customers to pay in their local currency in 150 markets, including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand. Adaptive Pricing eliminates the need for businesses to manually set prices in multiple currencies or deal with fluctuating exchange rates.
Stripe is also introducing AI-powered tools to help with fraud prevention, such as Radar Assistant. Using natural language prompts, businesses can describe the new fraud rules they want to set, and the assistant will create proposed rules accordingly. The rules can then be tested against previous payments to see if they increase revenue and block fraud without increasing false positives.
A more localized payment experience and expanded market coverage
During the Singapore tour, Stripe also announced its market expansion in South Korea, enabling U.S. merchants to accept payments from Korean customers. The payments are facilitated through a new partnership between Stripe and NICEPay, giving Korean shoppers a fully localized payment experience and U.S. businesses access to a powerful e-commerce marketplace around the world.
The deal includes more than 20 card brands, four local wallets, and end-to-end payments and reporting, without the need for companies to set up a legal entity in Korea. Stripe plans to expand coverage of local payment methods in Indonesia next year.
The company announced further partnerships, including with LG Electronics, which will launch an online branded store in Singapore and partner with Stripe in more countries around the world; Singapore mobile network operator M1 Limited, partnering with Stripe to enable new consumer experience channels; and regional ride-hailing app TADA, partnering as it looks to expand into more Southeast Asian markets.
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