Stripe Inc extends its services to Asian E-commerce marketplace
Stripe lends its hand to the new born firms in Asia to grow their business online
Stripe Inc., the San Francisco based payment startup backed by PayPal and Sequoia Capital founders Elon Musk and Peter Thiel, has announced to extend its service to Singapore to help local startups grow online businesses.
Earlier this week the US-based company had started off with its plan to reach Asia after Australia and Europe and eventually plans to enter Hong Kong and Japan, where it is still undergoing the Beta testing. Stripe stands at 249 on the list of the Internet Retailer 2016 -Leading Vendors to the Top thousands catering to seven of its clients either as the payments security vendor or as the payment services provider.
Valued at $5 billion after raising funds last year from Visa Inc., the Stripe is all set to join the market with Braintree and some other traditional finance companies that are barreling into mobile payments. Stripe offers additional services rather than just the conventional processing services for mobile and online transactions. It assists the new firms to manage their customers’ data securely, prevent any kind of fraudulent activities and accept money on behalf of others. Likewise it also helps in billing and accounting.
Stripe helps the businesses to accept almost all kinds of digital payment methods like Bitcoin, Alipay, Apple Pay and Android Pay.
Stripe decision to expand its assistance to the Asian startups is remarkable. Singapore’s e-com market is speculated to increase by five times by 2025 to $5.4 billion as per a report laid by Temasek Holdings Pte and Google. Here, Stripe will charge a fee of 3.4% plus fifty Singaporean cents from each transaction completed successfully. The customers are ride hailing app Grab, MetroResidences and 99.co which offer the private apartments on rent to the corporate clients.