Stripe, a financial infrastructure company for businesses, announced its official launch in Thailand on 26 October 2022.
Stripe brings world-class financial infrastructure to solve complex payment issues that Thai businesses face today, allowing them to spend less time and resources on payments, so they can focus on their core business while expanding into international markets. Thai businesses on Stripe are now able to accept payments via PromptPay, along with major credit cards like Visa and Mastercard.
“Thailand’s digital economy is one of the fastest growing in Southeast Asia. Its accelerated adoption of digital payments has helped many businesses navigate the pandemic and set the foundation for economic growth. However, moving money on the internet remains incredibly complicated and cumbersome,” said Tee Chayakul, Country Director, Stripe Thailand. “We want to remove these barriers with financial infrastructure that helps ambitious businesses increase their revenue, automate low-value tasks, as well as expand internationally—and manage all this easily from a single Stripe dashboard.”
Any company in Thailand can use powerful Stripe solutions like 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.
Commenting on Stripe’s launch in Thailand, Miss Siritida Panomwon Na Ayudhya, Assistant Governor of Payment Systems Policy and Financial Technology Group, Bank of Thailand, said: “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.”
Thousands of companies in Thailand have signed up on Stripe, including online property platform Baania, leading luxury furniture retailer Chanintr, holiday resort Coconut Beach Bungalows, accounting software platform FlowAccount, and digital creator platform Storior. Stripe has been working with many of these users during a beta phase over the past 12 months to gather feedback and refine solutions to meet the specific needs of Thai businesses.
“In the past couple of years, Baania has transformed from a publishing company to a property data and technology company, supporting users with uniquely Thai property information. While we are Thailand's first and largest online property platform, we want to continue experimenting with new business models to stay competitive. Stripe enables us to develop and change rapidly with integrated payments. I’m excited by Stripe’s launch in Thailand and pleased to see that they are supporting many more local payment methods in the region. This will help us reach customers in new markets,” said Mr. Apiporn Simapornchai, Chief Technology Officer of Baania.
"FlowAccount started with the purpose of helping small business owners digitise their invoicing, accounting, and payroll. As a technology platform ourselves, we appreciate the ease of integration with Stripe’s payments solution as we expand our services to include payment collection. We are excited by the potential of Stripe Connect. Partnering with Stripe will help more Thai companies simplify their accounting operations and enable them to accept payments online easily. This means they can focus on what matters most to their business,” said Mr. Kridsada Chutinaton, CEO and co-founder of FlowAccount.
The launch in Thailand marks the expansion of Stripe’s commitment and investment in Asia-Pacific, where its services are available to support businesses in Australia, Hong Kong, Japan, Malaysia, New Zealand, Singapore, and Thailand. Globally, Stripe now supports nearly 50 countries. Millions of businesses around the world— from startups to global brands like Amazon, Ford, and Shopify—trust Stripe for its world-class checkout flows that drive revenue growth, and its comprehensive technology stack that enables dynamic business models.
What Stripe does:
- Allows businesses to set up fast and scale globally from day one. Stripe enables businesses to receive payments from international customers in over 135 currencies. Stripe offers a unified API for payment methods like PromptPay, cards, and more. Set up is fast, and merchants can get started in minutes.
- Equips online businesses with a full stack to launch, run, and scale. In addition to accepting payments, companies can use Stripe to build new business models like marketplaces, crowdfunding, and subscriptions, and handle accounting and optimise checkout experiences for mobile devices—all from one centralised dashboard. Plus, there are hundreds of third-party services that are integrated with Stripe—everything from invoicing to email marketing and customer relationship management.
- Fights fraud. Stripe Radar, the company’s fraud detection and prevention tool, leverages advanced algorithms and machine learning to actively protect businesses from fraud. This is especially useful for businesses operating internationally, since fraud patterns and threats can vary significantly from one country to the next.
- Allows businesses to operate more efficiently. Stripe’s SaaS solutions help businesses build a modern back office, streamline payment-related processes, and free up teams to focus on other pressing tasks.
- Integrates payments for platforms. Stripe Connect is the fastest and easiest way to integrate payments into a software platform or marketplace. Stripe’s set of programmable APIs and tools allows businesses to build and scale end-to-end payment experiences from instant onboarding to global payouts—all while having Stripe handle payments KYC.
