Stripe, a giant payments platform originated from the US, recently released its brand new point of sale (POS) system, Stripe Terminal, in Singapore. This is the company’s first foray in South East Asia after years of investing in this area.
Stripe Terminal essentially unifies online and in-person transactions of businesses using flexible developer tools and card readers. Merchants can now track both ecommerce and in-store sales data through Stripe’s dashboard. This also enables users to customize their checkouts with Terminal’s APIs and software development kit (SDK). Ultimately, Stripe Terminal reduces any complexity and optimises the checkout experience of anyone involved.
Founded in 2010, Stripe has grown into one of the world’s most valuable fintech unicorns. The company has broaden its platform from simple payments processings to handling complex transactions via Stripe Connect. Its expansion is happening amid a booming digital payments landscape.
South East Asia is unquestionably a hotspot for the development of digital payments. Entering the Singapore market in 2016, Stripe’s opportunity is sizeable with the country’s rising demand for unified commerce tools. Additionally, Singapore is leading in the adoption of cashless payments followed by other countries in the region – Malaysia, Indonesia, and Vietnam.
The rise of BNPL being a budget-focused and low-commitment alternative to credit cards certainly opens up countless opportunities for global payment platforms such as Stripe.
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