Finally, Stripe, an American payment processing company, has been officially launched in Singapore after the success of its beta version. With this launch, Singapore has become the first Asian market for Stripe.
According to experts, emergence of Singapore as the global financial hub and flourishing of e-commerce has made Stripe to be launched officially in the nation. Apart from that, Stripe has teamed up with some biggest local names on the board like Grab, 99.co and Kickstarter.
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The co-founder and president of Stripe, John collision looked optimistic on the company’s expansion to Asian markets. In an interview with TechinAsia.com, he told,” First we get the product up and running on a technical level. As soon as we are confident we can run a business on that infrastructure, we start a private beta. We slowly get a few users on and take care of bugs and unexpected difficulties with financial partners, and so on.”
Furthermore, he also talked about the expansion of Stripe in other Asian markets as he said,” Stripe will continue looking for new markets to grow into, both in Asia and elsewhere. I fully expect us to be opening Stripe to new regions for five years hence.”
Besides having operations in Singapore, the San Francisco based payment provider has present in Hong Kong and Japan with its beta programs while it has already been in Australia.
However, Stripe can’t write off the challenges in Asian markets. For example, cash is still the widely used payment method in Asia while credit card penetration is extremely low. Plus, the Android Pay and Apple pay are already present in Singapore. In this scenario, Stripe has to offer flexible, efficient and fast payment process services to secure its customer base in Singapore.