Customer loyalty programs and other frills are also an important ingredient in SEA partnerships.
Starting with e-commerce platforms in Singapore and Malaysia, consumers in South-east Asia (SEA) will soon have more frictionless payment options to tap on.
Just recently, classified marketplace Carousell saw an increase in online transactions of nearly 20% since making GrabPay available as a pilot payment method via Stripe in Malaysia to attract the younger demographic. Other key sales drivers include the ability for consumers to earn GrabRewards points as a form of currency, as well as increase mobile conversions through seasonal GrabPay marketing campaigns.
Now, Stripe, a global technology company has announced a partnership with GrabPay to enable businesses across SEA to ride on the GrabPay Wallet online payment method. GrabPay works with both Stripe Checkout and API integration, allowing merchants to support payments in both Singapore Dollar and Malaysian Ringgit currencies.
According to Grab’s Managing Director and Head of GrabPay, Chris Yeo: “With e-commerce’s increasing popularity here, we believe that Stripe’s expertise and technology will help us deliver an enhanced payments-experience for South-east Asians. This partnership also builds on our ongoing efforts to help businesses grow online in an increasingly digital world.”
Stripe’s Head of Partnerships (APAC), Krishnan Rajagopalan, said: “Stripe and GrabPay share the goal of making e-commerce as frictionless and convenient as possible, so that ambitious companies in South-east Asia can grow their business.”
Carousell’s Product Lead for Payments & Shipping, Lakshay Kalra, noted: “We see promising results by enabling GrabPay on our platform. With additional payment methods on Carousell, our users will have more simplified digital payment options and an enhanced shopping experience with us. We believe that such partnerships will make selling and buying much more efficient for our users.”
With the pandemic driving online sales to make up for store closures and limited outreach opportunities, the region can expect to see even more e-payment partnerships in future.