With its solution, Stripe brings high-quality financial infrastructure to solve complex payment issues that Thai businesses are currently facing, allowing them to spend less time and resources on processing payments. Ultimately, local businesses can focus on their core solutions and scaling, entering new international markets. Companies who choose to make businesses with Stripe will now be able to accept payments through PromptPay, apart from major credit card issuers like Visa and Mastercard.
With over 70 million people and a mobile phone Internet penetration rate expected to reach 84% by 2026, Thailand is one of the fast-growing emerging markets in Southeast Asia that fully capitalise on digital payments.
Its accelerated adoption of digital payments helped thousands of businesses navigate the shallow waters of the pandemic and set a solid foundation for economic growth in the next years. However, moving funds cross-border remains a complicated process, according to Stripe officials. The company aims to remove the barriers of the complicated financial infrastructure and provide businesses with an easy payment process that can generate more revenue, while automating low-risk tasks and helping them expand internationally.
Thai companies of all sizes can leverage Stripe’s wide array of payment solutions, including Billing for subscriptions and recurring payments, Checkout and Payment Links for ecommerce, Invoicing for automated payment collection and reconciliation, or Radar for fraud detection and prevention. Thus, businesses can access an all-in-one payments infrastructure that handles complicated processes faster and easier, which will allow them to shift their focus to scaling.
Moreover, Bank of Thailand supports the integration of digital payment services which represent a convenient and safe alternative for customers’ ever-evolving needs. Stripe’s business launch in Thailand will further boost the development and integration of digital payments, driving financial inclusion and digitalisation to businesses of all sizes.
Currently, Stripe counts on the support of various successful Thai businesses, including online property platform Baania, account software platform FlowAccount, and luxury furniture retailer Chanintr.
Irish-American financial services and software as a device company Stripe is a suite of APIs powering online payment processing and commerce solutions for Internet businesses of all sizes. It helps companies accept payments and scale faster, driving digitalisation. Founded in 2010, it counts of over 8,000 employees globally and reported revenues of USD 12 billion in the 2021 fiscal year.
Stripe enables businesses to accept payments from international customers in over 135 currencies, while also providing a unified API for local payment methods, including PromptPay, cards, and more. At the same time, its proprietary Stripe Radar service efficiently detects, fights, and prevent fraud, leveraging advanced algorithms and machine learning.
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