FinTech: Stripe Makes Its Debut In Thailand

October 28, 2022 | FinTech, News
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Thai businesses can now use Stripe to accept payments via major credit cards and Thailand-based payment method PromptPay.

Global payments network Stripe has launched operations in Thailand, competing head-to-head with other payments players including PayPal (NASDAQ: PYPL) and local players such as Omise and 2C2P. Stripe has emerged from a beta phase held in Thailand over the past year during which it says thousands of companies have signed up for its services. Thailand marks Stripe’s expansion into its third Southeast Asia market, after Singapore and Malaysia. (Stripe)

Thai businesses can now use powerful Stripe solutions like Billing for subscriptions and recurring payments, Checkout and Payment Links for ecommerce, Invoicing for automated payment collection and reconciliation, Radar for fraud detection and prevention, Connect for software platforms and marketplaces, and more.

They may also accept payments via major credit cards like Visa and Mastercard, as well as through PromptPay, a Thailand-based payment method that uses unique identifiers such as a phone number, citizen ID, or QR code to allow customers to make payments using their preferred apps.

“Thailand’s digital economy is one of the fastest growing in Southeast Asia. However, moving money on the internet remains incredibly complicated and cumbersome,” said Tee Chayakul, Thailand country director at Stripe. “We want to remove these barriers with financial infrastructure that helps ambitious businesses increase their revenue, automate low-value tasks, and expand internationally.”

Stripe collaborated closely with the Bank of Thailand as it prepared to roll out payment services support for Thai businesses.

“Stripe’s business launch in Thailand will certainly help support the development of innovation and the wider access of digital payment services for both individuals and businesses,” said Miss Siritida Panomwon Na Ayudhya, assistant governor of payment systems policy and financial technology group​ of the Bank of Thailand.

Stripe also said in a statement that “its financial infrastructure platform will help solve the complex payments issues facing Thai businesses.”

Related Story: Shipping And Logistics Giant Maersk Turns To Stripe For International Payments

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