Global fintech firm Stripe has launched its services in Thailand, expanding the fintech’s investment in Asia Pacific. Already established in Australia, Hong Kong, Japan, Malaysia, New Zealand, and Singapore; Thailand becomes the latest country to gain access to it.
Thousands of companies in Thailand have already signed up on Stripe during a beta phase over the past year.
They include the online property platform Baania, luxury furniture retailer Chanintr, holiday resort Coconut Beach Bungalows, accounting software platform FlowAccount, and digital creator platform Storior.
Thai companies now have full access to Stripe solutions like Billing 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 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.
Stripe collaborated closely with the Bank of Thailand as it prepared to roll out payment services support for Thai businesses.
“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,” he added.
“The Bank of Thailand supports the provision of digital payment services, which are convenient, safe and serve the needs of customers, enhancing inclusivity of payment services,” said Siritida Panomwon Na Ayudhya, assistant governor of payment systems policy and financial technology group of the Bank of Thailand. “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.”