Global fintech firm Stripe launches in Thailand
Global fintech company Stripe announced on Thursday the launch of its services in Thailand.
The launch expands Stripe’s investment in Asia Pacific where its services are available to support businesses in Australia, Hong Kong, Japan, Malaysia, New Zealand, Singapore and Thailand, Stripe said in a statement.
“Thailand’s digital economy is one of the fastest growing in Southeast Asia. However, it is still incredibly complicated and cumbersome to move money on the internet, says Tee Chayakul, Thailand’s Country Director at Stripe.
“We want to remove these barriers with financial infrastructure that helps ambitious businesses grow their revenue, automate low-value tasks and expand internationally,” he added.
Thousands of companies in Thailand have already registered with Stripe during a beta phase in the past year.
They include online real estate platform Baania, leading luxury furniture retailer Chanintr, resort Coconut Beach Bungalows, accounting software platform FlowAccount and digital creation platform Storior.
Thai companies now have full access to powerful Stripe solutions such as Invoicing for subscriptions and recurring payments, Checkout and payment links for e-commerce, Invoicing for automated payment collection and reconciliation, Radar for fraud detection and prevention, Connect for software platforms and marketplaces, and more.
Thai businesses will be able to accept payments via major credit cards such as Visa and Mastercard, as well as through PromptPay, a Thailand-based payment method that uses unique identifiers such as phone number, citizen ID or QR code to allow customers to make payments using their preferred apps.
Stripe worked closely with the Bank of Thailand as they prepared to roll out support for payment services for Thai businesses.
“The Bank of Thailand supports the provision of digital payment services, which are convenient, secure and serve customers’ needs, increasing inclusive payment services,
“Stripe’s business launch in Thailand will certainly help support the development of innovation and the wider access to digital payment services for both individuals and businesses,” said Siritida Panomwon Na Ayudhya, Assistant Governor for Payment System Policy and Financial Technology Group at the Bank of Thailand.
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