Stripe saw its cross-border payment volume in Asia grow by more than 30% last year.
According to a press release on Wednesday (August 28), the payments company provided the update as part of Stripe Tour Singapore, its annual product showcase in the region.
“We're building on this momentum by 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,” Sarita Singh, regional head and managing director for Southeast Asia, India and mainland China at Stripe, said in the release. “This will help businesses in Asia increase revenue.”
Among those tools is Stripe's optimized checkout suite, which allows businesses to create “high-performance checkout flows” and uses artificial intelligence to determine which payment methods to show to specific customers. It also allows retailers to perform code-free A/B testing of payment methods, an industry first and available exclusively on the company's service, according to the release.
“These features complement Stripe's new Adaptive Pricing feature, which localizes prices in 150 markets and allows customers to pay in their local currency,” the release said. “Adaptive Pricing eliminates the need for businesses to manually set prices in multiple currencies or deal with fluctuating exchange rates.”
Stripe's tests of the effectiveness of adaptive pricing in the U.S., U.K., Canada, and the European Union showed that it increased companies' cross-border revenue by an average of 17.8%. The tests also found that 90% of customers checked out in their local currency when given the option.
Providing more options at checkout can help build relationships with consumers, according to a PYMNTS Intelligence report titled, “Consumer Inflation Sentiments: The False Allure of Deal-Chasing Consumers.” The report found that 16% of consumers point to being able to use their preferred payment method as a factor in deciding where to make their most recent purchase.
“Whatever calculations users make to determine which payment methods they want to use, they want more options from more merchants,” Drew Olson, senior director at Google Pay, told PYMNTS in December.
Meanwhile, Stripe said on Wednesday that Asian consumers have growing expectations for improved shopping experiences through cross-border commerce, and that its research showed that 67% of Singapore consumers expect store location to be less of a factor in shopping decisions by 2030.
