Stripe unveils research insights and solutions to empower Thai businesses in the internet economy
Bangkok, 23 April 2024 – Stripe, a financial infrastructure company for businesses, showcased its latest research insights and solutions at the Money20/20 Asia conference in Thailand today. These offerings aim to support Thailand’s ambitions to complete digital transformation by 2027 and Thai businesses in harnessing the potential of the internet economy for growth.
During her keynote presentation, Sarita Singh, Stripe’s managing director for Southeast Asia, Greater China, and India, emphasized the significant role of the internet economy in driving global economic growth. Singh stated, “The growth of the internet economy continues to outpace the global economy. At Stripe, we witness incredible stories of innovation and transformation driven by digitization, with Southeast Asia leading as one of the fastest-growing internet markets in the world. Three key trends powering future growth within the next decade are cross-border commerce, the rise of the platform economy, and intrapreneurship in this region.”
From cross-border to borderless
Quantitatively, Stripe’s recent report on global digital trade reveals that 84% of businesses surveyed sell products and services in multiple markets, with 16% operating in over 21 markets. Furthermore, 66% of businesses are gearing up to enter new countries within the next two years.
Qualitatively, these findings resonate in Thailand, where numerous companies, including fashion retail brand Jim Thompson, are working with Stripe to expand globally. Historically influential among locals and tourists to Thailand — Jim Thompson turned to Stripe in their international push to modernize, with an emphasis on digital outreach, to attract a growing number of younger customers who are buying Jim Thompson for themselves. This strategic shift has resulted in a more streamlined customer experience that meets the expectations of international luxury shoppers while also reducing online checkout failure rates, cart abandonment rates, and customer complaints.
“Improving the online payments experience with Stripe for our customers was a first step in the right direction for our global lifestyle brand. As we embark on our international expansion plans, we’re confident that the partnership will support our growth, and offer customers the best checkout experience possible,” said Khun Panjarat Limpinon, Jim Thompson, Chief Commercial Officer, the Thai Silk Company.
Stripe provides businesses with a fast and scalable solution for global operations from day one. Through Stripe, businesses can receive payments from international customers in over 135 currencies, all while ensuring the highest level of compliance and protection against fraud. Stripe offers a single, easy-to-use platform that enables businesses to accept a wide range of payment methods, from local options like PromptPay to global cards and digital wallets.
Rise of the platform economy
While the concept of platform economy is not new, recent observations show that platforms and marketplaces are becoming increasingly central to the overall economy. In Thailand, platforms like Baania and FlowAccount are working with Stripe in various capacities to grow with the digital economy. According to industry research, by 2030, digital platforms will facilitate over 30% or approximately $60 trillion in global economic activity.
In the travel industry, platforms such as Agoda, tiket.com, and other online travel agents (OTAs) disrupted the traditional agent model and revolutionized the way we plan vacations. Stripe collaborated with tiket.com to launch a multi-currency feature that delivers a localized experience to customers and helps them save on foreign exchange rates when booking accommodations, flights, and attractions.
Emergence of intrapreneurship
A compelling trend that Stripe has noticed across the region is that global companies are more open to experimentation, innovation projects, and trialing new digital services here, than other regions in the world. Many businesses recognize the need to reinvent and are fostering a culture of innovation inside their organizations, leading to the rise of the enterprise intrapreneurs across Asia.
In the automotive industry, servicing cars has become increasingly complex. Japanese automaker Toyota partnered with Stripe to innovate and launch a platform that allows local repair shops to share and reuse the specialized equipment required to service modern vehicles. This collaboration alleviates the burden on auto repair shops while simultaneously reducing their carbon footprint.
Tee Chayakul, Country Director, Stripe Thailand, said, “Amidst Thailand’s booming digital economy, many businesses are asking Stripe to help them seize the opportunity to increase revenue and deliver customer-centric experiences. It is crucial that Thai businesses embrace these internet economy trends and leverage them to open up new avenues for growth. Stripe is committed to provide ambitious entrepreneurs and enterprises in Thailand with the tools they need to not only increase revenue and automate tasks but also to unlock the true potential of global commerce.”
Learn more about how Stripe can help businesses at stripe.com.
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About Stripe
Stripe is a financial infrastructure platform for businesses. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. Headquartered in San Francisco and Dublin, the company aims to increase the GDP of the internet.
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TQPR Thailand
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