Singapore – Stripe, a financial infrastructure platform, has recently announced the expansion of its market coverage and AI-powered payment designed to support cross-border commerce.
In this update, the firm unveiled its optimised checkout suite, with capabilities that allow businesses to establish high-performing checkout flow. This solution now uses AI to identify the payment methods to show for any given customer. Businesses, in this case, can further run no-code A/B tests for payment methods.
Moreover, a new Adaptive Pricing feature was also introduced, which localises prices across 150 markets, including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand, making it possible for customers to pay in their local currency. The innovation further eliminates the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates.
Apart from these enhancements, Stripe has also launched AI-powered tools to help combat fraud, including Radar Assistant. Through it, businesses can now use natural language prompts to describe new fraud rules they’d like to set, and the assistant will draft rules accordingly.
These rules can then be tested against previous payments to see if they boost revenue and block fraud without increasing false positives.
Sarita Singh, regional head and managing director for Southeast Asia, India, and Greater China at Stripe, said, “Last year, cross-border payment volume in Asia on Stripe grew more than 30%. Building on that momentum, we’re equipping businesses with tools to accelerate their revenue growth, including an optimised checkout suite, the ability to show local prices to customers, and advanced fraud prevention tools. This will help Asian businesses boost their revenue.”
In a recent Stripe Tour in Singapore, the firm also revealed its expanded market footprint in South Korea, allowing US merchants to accept payments from South Korean customers.
This partnership involves over 20 card brands and four local wallets and offers end-to-end settlement and reporting without requiring businesses to create a Korean entity.
Stripe plans to extend its local payment method options in Indonesia next year. This increased market coverage in Asia comes after an earlier announcement regarding their efforts to double the number of global payment methods accessible through the optimised checkout suite, from 50 to more than 100.
