Stripe Enables GrabPay Payment Option for E-Commerce Merchantsby Fintech News Singapore May 27, 2021
Stripe, an online payment processing company, has partnered with GrabPay to enable businesses across Southeast Asia to offer consumers a more rewarding and convenient online payment method through the latter’s e-wallet, starting in Singapore and Malaysia.
The partnership with GrabPay will enable businesses in Singapore and Malaysia to tap into this e-commerce growth by managing GrabPay, card payments, and other popular local payment methods within one single integration.
GrabPay works with both Stripe Checkout and API integration, allowing merchants to support payments in both Singapore Dollar and Malaysian Ringgit currencies.
This allows merchants to connect to millions of Grab users, and improve retention by providing access to GrabRewards, its loyalty program.
Research by Bain, Google and Temasek showed that in 2020, newfound online habits grew e-commerce gross merchandise value in Southeast Asia to US$62 billion.
Carousell, a classified marketplace platform, reported an increase in online transactions of nearly 20% since October 2020 after making GrabPay available as a payment method via Stripe in Malaysia particularly from the younger demographic.
Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group said,
“Our partnership with Stripe represents another milestone in our journey to build an e-wallet that can pay for the widest range of everyday needs in Southeast Asia in a safe, convenient and rewarding manner.
With e-commerce’s increasing popularity here, we believe that Stripe’s expertise and technology will help us deliver an enhanced payments experience for Southeast Asians. This partnership also builds on our ongoing efforts to help businesses grow online in an increasingly digitally reliant world.”
Krishnan Rajagopalan, Head of Partnerships APAC, Stripe said,
“Stripe and GrabPay share the goal of making online commerce as frictionless and convenient as possible, so that ambitious companies in Southeast Asia can grow their business.
This partnership is a very important milestone for Stripe in Southeast Asia – enabling GrabPay as a payment method on Stripe further adds to our Global Payments and Treasury Network, a programmable infrastructure for global money movement.”