Payment gateway Stripe has launched in Singapore, offering retailers and eCommerce startups an alternative transaction partner.
After a beta launch last year, Stripe has worked with subscription companies like Tradegecko and Guavapass, on-demand platforms like Grab, eCommerce startups like Grain and Hipvan, and new kinds of marketplaces like Oddle. “More than 50 per cent of venture-backed companies in Singapore now use Stripe,” says spokeswoman Piruze Sabuncu.
“In addition, we’ve worked with global platforms like Shopify, Deliveroo, and Kickstarter to make their services available in Singapore.”
Stripe’s Singapore foray is likely the first step in a broader Asian rollout, with trials already underway in Hong Kong and Japan.
While Singapore’s online retail market remains immature – accounting for just 2.1 per cent of total retail sales last year – it has potential for growth and consumers there are well-wired. Google and Temasek project online will account for 6.7 per cent of retail sales by 2025.
“With more than 90 per cent of the population already using a smartphone, Singapore is one of the heaviest adopters of mobile technology in the world,” says Sabuncu. “And so, out of the box, we’ll enable Singaporean businesses to accept both Apple Pay and Android Pay.”
Stripe charges merchants 3.4 per cent and S$0.50 per successful charge, with volume pricing available for businesses expecting to process in excess of $50,000 per month.
