Payments firm Stripe has announced several new features aimed at enhancing cross-border commerce in Asia, including AI-powered payment tools and expanded market coverage.
These updates were revealed during Stripe Tour Singapore, the company’s annual product showcase in the region.
A key highlight is the introduction of Stripe’s Optimised Checkout Suite, which now uses artificial intelligence (AI) to determine the most suitable payment methods for customers based on their preferences.
This update aims to improve the checkout experience, driving higher conversion rates for businesses.
Additionally, Stripe has introduced no-code A/B testing for payment methods, allowing businesses to optimise their payment processes without needing technical expertise.
Stripe also rolled out its new Adaptive Pricing feature, which localises prices across 150 markets, including major Asian economies like Japan, Singapore, and India.
This tool allows customers to pay in their local currency, enabling businesses to manage multiple currencies and fluctuating exchange rates.
Stripe research shows that 90% of customers choose to check out in their local currency.
According to Stripe, businesses using Adaptive Pricing have seen an average increase of 17.8% in cross-border revenue and an 8% uplift in conversion rates.
To further combat fraud, Stripe introduced Radar Assistant, an AI-powered tool that allows businesses to set and test new fraud prevention rules using simple language prompts.
This tool is designed to help businesses minimise fraudulent transactions without increasing the rate of false positives.
In terms of market expansion, Stripe announced a new partnership with NICEPay, enabling U.S. merchants to accept payments from South Korean customers with a fully localised experience.
This expansion provides access to one of Asia’s strongest e-commerce markets without the need for businesses to establish a local entity.
Stripe also plans to broaden its local payment method coverage in Indonesia next year.
These updates come as Stripe continues to grow its presence in Asia, where the company reported a 28% year-on-year increase in the number of businesses processing US$1 million or more in payment volume on its platform.
“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.
