Stripe is one of those companies which can put Bitcoin the global map. The company offers merchant services to companies all over the world who want to venture into the world of cryptocurrency. In recent weeks, the company has finalized part of its expansion plan, and the service is now available in Singapore as well.
Singapore Welcomes Stripe As An E-Commerce Player
E-Commerce is a booming market in Asia these days. More and more consumers are looking to buy goods and services online. This also means merchants and retailers will need to expand the number of different payment options. Since Bitcoin is a global currency, it makes sense for companies such as Stripe to expand in that direction.
Most people know the name Stripe as a payment provider that extends well beyond Bitcoin. The company also supports mobile solutions, such as Android Pay. All of these payment options will now be made available to retailers active in Singapore. Having more options is never a bad thing for any retailer, particularly when dealing with e-commerce.
Stripe started offering their services in Singapore as of this morning. It is clear the company wants to make a name for itself in Asia, after successfully doing so in Europe and Australia. The company is exploring options in the Japanese and Hong Kong market, as beta tests are currently being conducted.
At the same time, it is important to note Stripe will be facing stiff competition from other players. Asia is quickly becoming a saturated payment market. Then again, Singapore’s e-commerce market is expected to grow by 500% in the coming ten years. It is expected more players will enter this market over the coming years, as every company wants their share of the pie.
It has to be said; Stripe is not your average payment processor either. The company aims to help startups when it comes to storing customer data and preventing fraud. Additionally, they also offer billing and accounting services, which are always in high demand. For now, Stripe plans to take a 3.4% plus 50 Singaporean cents fee for every transaction.
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