Payment company stripe announced several new features aimed at enhancing cross-border commerce in Asia, including AI-powered payment tools and expanded market coverage.
These updates were announced at Stripe Tour Singapore, the company’s annual product exhibition in the region.
A major highlight is the introduction of Stripe’s Optimised Checkout Suite, which uses artificial intelligence (AI) to determine the most appropriate payment method based on customer preferences.
The update aims to improve the checkout experience and increase conversion rates for businesses.
Additionally, Stripe introduced no-code A/B testing for payment methods, allowing businesses to optimize their payment processes without the need for technical expertise.
Stripe also introduced a new Adaptive Pricing feature that localizes prices in 150 markets, including major Asian economies like Japan, Singapore, and India.
The tool allows customers to pay in their local currency and helps businesses manage multiple currencies and fluctuating exchange rates.
According to a Stripe survey, 90% of customers choose to pay in their local currency.
According to Stripe, businesses using Adaptive Pricing see an average of 17.8% increase in cross-border revenue and an 8% increase in conversion rates.
To further deter fraud, Stripe introduced Radar Assistant, an AI-powered tool that helps businesses set up and test new fraud prevention rules using simple language prompts.
The tool is designed to help businesses minimize fraudulent transactions without increasing false positive rates.
On the market expansion front, Stripe announced a new partnership with NICEPay, enabling US merchants to accept payments from Korean customers with a fully localized experience.
The expansion will allow businesses to access one of Asia’s strongest e-commerce markets without the need to set up a local subsidiary.
Stripe plans to expand its coverage of local payment methods in Indonesia next year.
These updates come as Stripe continues to grow its presence in Asia, where the company reports a 28% year-over-year increase in the number of businesses processing more than $1 million in payments on its platform.
“Last year, cross-border payment volumes on Stripe in Asia grew by more than 30%. 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, so businesses in Asia can grow their bottom lines.”
“We are excited to partner with Stripe to bring our innovative, innovative solutions to the global mobile payments market,” said Sarita Singh, regional head and managing director, Southeast Asia, India and mainland China, Stripe.
