Following this announcement, Stripe will deliver its suite of services and expertise in order to optimise the payments and the checkout experience for LG Electronics’ new brand store in Singapore. The companies will focus on providing customers and shoppers with a convenient payment process in order to meet their needs, preferences, and expectations, directly with LG, regardless of their location.
In addition, the integration with Stripe is set to include an intuitive checkout experience, developed by using the Stripe Payment Elements tool, wider acceptance of international cards, improved authorisation rates, as well as fraud prevention solutions via Stripe Radar.
Customers will be enabled to shop for their needed products online with credit cards, debit cards, Apple Pay, Google Pay, and PayNow. The partnership will also provide LG with a unified view of its revenue flows from multiple payment options, through the use of a single dashboard.
According to the press release, LG Electronics plans on expanding its partnership with Stripe across other countries as well.
Stripe had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
At the beginning of November 2023, Japan-based JCB announced the expansion of its collaboration with Stripe, aiming to increase ecommerce merchant acceptance in Europe, Singapore, and Hong Kong. Following this strategic deal, the companies intended to offer new development opportunities for all the Stripe ecommerce traders by accepting JCB’s cardmembers. According to the press release published at the time, Stripe’s global presence and its technological services focused on improving the growth of ecommerce merchants that needed secure and fast transaction methods.
In addition, the partnership allowed both firms to provide additional payment options to JCB users, as well as optimising the manner in which global businesses sold their products to clients in Japan and across multiple regions in Asia.
Earlier in October 2023, UK-based TrueLayer became the first European Open Banking payment option that was integrated into Stripe’s Payment Element. The incorporation enabled Stripe traders that were operating in the United Kingdom and the European Union to offer TrueLayer as a payment option to its customers and users. The Stripe Payment Element represented a client interface component that was designed with the possibility to be embedded on checkout pages.
The development allowed merchants to securely and efficiently incorporate TrueLayer’s Open Banking payment option into the Stripe checkout procedure. Moreover, clients were given the possibility to choose safe Open Banking payments as an alternative to conventional card transactions, which often incurred high interchange fees.
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