New Stripe data shows that cross-border revenue in Asia grew more than 30% in 2023. Stripe saw a 28% year-on-year increase in the number of Asian businesses that processed $1 million or more in payment volume on the platform.
Stripe, a financial infrastructure platform for businesses, today gave an update on the growth of the internet economy in Asia, highlighting Stripe’s expanded market coverage and AI-powered payments to support cross-border commerce.
“Last year, cross-border payment volume in Asia on Stripe grew more than 30%. 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. This will help Asian businesses to boost their revenue,” said Sarita Singh, regional head and managing director for Southeast Asia, India, and Greater China at Stripe.
AI-powered cross-border commerce
Stripe’s Optimized Checkout Suite, which enables businesses to build a high-performing checkout flow, now uses AI to determine which payment methods to show for any given customer. Businesses can also run no-code A/B tests for payment methods—an industry first, available only on Stripe.
These features complement Stripe’s new Adaptive Pricing feature, which localizes prices across 150 markets including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand, allowing customers to pay in their local currency. Adaptive Pricing removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates. Stripe research shows that when given the option, 90% of customers choose to check out in their local currency. Businesses that use this feature experience a 17.8% increase in cross-border revenue and an 8% uplift in conversion, on average.
Stripe has also introduced AI-powered tools to help combat fraud, including Radar Assistant. Businesses can use natural language prompts to describe new fraud rules they’d like to set, and the assistant will draft rules accordingly. The rules can then be tested against previous payments to see if they boost revenue and block fraud without increasing false positives.
Consumers in Asia expect cross-border commerce to improve their shopping experience. New research by Stripe shows that 67% of consumers in Singapore expect that by 2030, merchant location will matter less in their shopping decisions.
More localized payment experiences and expanded market coverage
Stripe also announced its expanded market coverage in South Korea, enabling US merchants to accept payments from South Korean customers. The payments are facilitated through a new partnership between Stripe and NICEPay that gives buyers in Korea a fully localized payment experience, and gives US entities access to one of the strongest ecommerce markets worldwide. This agreement includes more than 20 card brands, four local wallets, and end-to-end settlement and reporting—all without requiring businesses to set up a Korean entity. Stripe also expects to expand its coverage of local payment methods in Indonesia next year.
The increased market coverage in Asia follows an earlier announcement from Stripe that it has doubled the number of global payment methods accessible through its Optimized Checkout Suite, from 50 to more than 100.
Continued momentum in Asia
In 2023, Stripe saw a 28% year-on-year increase in the number of Asian businesses that processed $1 million or more in payment volume on the platform. Every day, hundreds of businesses in the region are going live on Stripe, more than double the rate in 2020. Many of them are focused on driving trade across borders, including ecommerce platform Shoplazza.
“At Shoplazza we’re helping over 500,000 merchants on our platform to become cross-border ecommerce success stories. Our partnership with Stripe gives them access to reliable, secure, and diversified payment solutions quickly and efficiently to grow their business and accelerate their global expansion,” said Jeff Li, CEO of Shoplazza.
Shoplazza joins a growing number of businesses benefiting from Stripe’s solutions. “InVideo is an AI-powered video generator with millions of users from 190 countries. Stripe has helped us optimize our payment success rates across multiple currencies and diverse payment methods, reduce costs, and prevent fraud. We’ve even expanded to new markets like the US, the UK, and Canada in just two months. All this has saved us thousands of developer hours and several million dollars,” said Sanket Shah, CEO and cofounder of InVideo.
Stripe announced additional partnerships, including with LG Electronics, which launched its online brand store in Singapore and plans to work with Stripe in more countries worldwide; M1 Limited, a leading mobile network operator in Singapore, which will work with Stripe to enable new consumer experience channels; and regional ride-hailing app TADA, which will partner with Stripe as they expand into more Southeast Asian markets.
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