Stripe saw its cross-border payments volume in Asia increase by over 30% last year.
The payments company offered the update as part of Stripe Tour Singapore, its annual product showcase for the region, according to a Wednesday (Aug. 28) press release.
“Building on that momentum, we’re equipping businesses with tools to accelerate their revenue growth, including an optimized checkout suite, the ability to show local prices to customers, and advanced fraud prevention tools,” Sarita Singh, regional head and managing director for Southeast Asia, India and Greater China at Stripe, said in the release. “This will help Asian businesses to boost their revenue.”
Among the tools is Stripe’s optimized checkout suite, which lets businesses create a “high-performing checkout flow” and now uses artificial intelligence to determine which payment methods to show for a given customer. Merchants can also run no-code A/B tests for payment methods, which is an industry first, available only from its service, per the release.
“These features complement Stripe’s new Adaptive Pricing feature, which localizes prices across 150 markets … allowing customers to pay in their local currency,” the release said. “Adaptive Pricing removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates.”
Stripe’s test of the effectiveness of Adaptive Pricing in the United States, the United Kingdom, Canada and the European Union showed that it led to an average 17.8% increase in cross-border revenue for businesses. The test also found that 90% of customers checked out in their local currency when given the option.
Offering people more choices when it comes time to check out can help build relationships with consumers, according to the PYMNTS Intelligence report “Consumer Inflation Sentiment: The False Appeal of Deal-Chasing Consumers.” The report found that 16% of consumers pointed to the ability to use their preferred payment methods as a factor determining their decision on where to make their most recent purchase.
“Whatever calculus the user performs to determine the payment methods that they want to use, they want more options across more merchants,” Drew Olson, senior director at Google Pay, told PYMNTS in December.
Meanwhile, Stripe also noted Wednesday that it is seeing an expectation among consumers in Asia for cross-border commerce to improve their shopping experience, citing company research showing that 67% of consumers in Singapore expect that by 2030, merchant location will factor less into their shopping decisions.
