Stripe’s Optimized Checkout Suite and Radar Assistant powered by AI complement Stripe’s new Adaptive Pricing feature in an offering for Asian businesses involved in cross-border commerce.
Stripe, a financial infrastructure platform for businesses, presented AI-powered payment solutions to support cross-border commerce as part of Stripe Tour Singapore, the company’s annual product showcase in the region.
Among the innovations offered by Stripe, there’s the Optimized Checkout Suite, which uses AI to customize the business’s checkout and determine which payment methods to show for any given customer. It also enables businesses to run no-code A/B tests for payment methods — an exclusive feature available only on Stripe. Stripe has recently doubled the number of global payment methods accessible through its Optimized Checkout Suite, from 50 to more than 100.
Another offering is the Adaptive Pricing feature, which localizes prices across 150 markets including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand, allowing customers to pay in their local currency. According to Stripe research, businesses that use this feature might experience up to a 17.8% increase in cross-border revenue and an 8% uplift in conversion. Besides, they save time and effort on manual pricing in multiple currencies.
Stripe’s AI-powered tools to help combat fraud include Radar Assistant. The tool enables businesses to use natural language prompts to set new fraud rules. The rules can also be tested against previous payments to see if they boost revenue and block fraud without increasing false positives.
At Stripe Tour Singapore, Stripe also announced its expanded market coverage in South Korea, enabling US merchants to accept payments from South Korean customers through a new partnership between Stripe and NICEPay.
According to the payment infrastructure provider, the firm saw a 28% year-on-year increase in the number of Asian businesses processing over $1 million in payment volume on the platform. Besides, Stripe’s recent survey shows that 67% of consumers in Singapore expect that by 2030, merchant location will matter less in their shopping decisions as they increasingly embrace cross-border shopping.
“Last year, cross-border payment volume in Asia on Stripe grew more than 30%. Building on that momentum, we’re equipping businesses with tools to accelerate their revenue growth, including an optimized checkout suite, the ability to show local prices to customers, and advanced fraud prevention tools. This will help Asian businesses to boost their revenue.”
Sarita Singh, regional head and managing director for Southeast Asia, India, and Greater China at Stripe
We have recently reported that Stripe has acquired Lemon Squeezy, a payment processing startup, to scale merchant sales in a record way.
