US payments giant Stripe is bidding to build on its momentum in Asia with a host of new AI features to support cross-border commerce in the region.
Last year, cross-border payment volume in Asia on Stripe grew more than 30%, says the firm.
Now the company's Optimised Checkout Suite is using AI to determine which payment methods to show for any given customer. Businesses can also run no-code A/B tests for payment methods—an industry first, available only on Stripe.
Meanwhile, an Adaptive Pricing feature localises prices across 150 markets including Australia, Hong Kong, India, Japan, Malaysia, New Zealand, Singapore, and Thailand, allowing customers to pay in their local currency.
Stripe research shows that when given the option, 90% of customers choose to check out in their local currency. Businesses that use this feature experience an 18% increase in cross-border revenue and an eight per cent uplift in conversion, on average.
Stripe has also introduced AI-powered tools to help combat fraud, including Radar Assistant, which lets businesses use natural language prompts to describe new fraud rules they’d like to set.
In addition, expanded market coverage now enables US merchants to accept payments from South Korean customers.