Stripe expands into Thailand

Stripe has launched in Thailand to help aid payments issues facing Thai businesses. According to Stripe, thousands of companies in Thailand have already signed up on Stripe during a beta phase over the past year. The companies include the online property platform Baania, leading luxury furniture retailer Chanintr, holiday resort Coconut Beach Bungalows, accounting software platform FlowAccount, and digital creator platform Storior.

With the launch, Thai companies now have full access to Stripe solutions, such as - 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.

“I’m excited by Stripe’s launch in Thailand and pleased to see they are supporting many more local payment methods in the region. This will help us reach customers in new markets,” Apiporn Simapornchai, Baania's chief technology officer said.

"We appreciate the ease of integration with Stripe’s payments solution. Partnering with Stripe will help more Thai companies simplify their accounting operations and accept payments online easily,” Kridsada Chutinaton, FlowAccount's CEO and co-founder added.

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.

Siritida Panomwon Na Ayudhya, the Bank of Thailand's assistant governor of payment systems policy and financial technology group explained that 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. "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,” she added.

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

The launch expands Stripe’s investment in Asia Pacific where its services are available to support businesses in Australia, Hong Kong, Japan, Malaysia, New Zealand, Singapore, and Thailand.

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