Stripe, a global technology company that builds economic infrastructure for the internet, today announced a partnership with GrabPay, the leading digital wallet in Southeast Asia (SEA).
The partnership will enable businesses across SEA - starting in Singapore and Malaysia - to offer consumers a more rewarding and convenient online payment method through the GrabPay Wallet.
Carousell, one of the world's largest and fastest growing classified marketplace platforms, has seen an increase in online transactions of nearly 20% since October 2020 after making GrabPay available as a payment method via Stripe in Malaysia. In particular, Carousell has seen a significant growth in sales from younger demographics via GrabPay - through items such as apparel (e.g. clothes and sneakers) as well as lifestyle technology products (e.g. video games and accessories, and gadgets). Other key sales drivers for Carousell include the ability for consumers to earn GrabRewards points through GrabPay purchases, pay with points to stretch the value of their earned points by using it as a form of currency, as well as increase mobile conversions through seasonal GrabPay marketing campaigns.
GrabPay allows merchants to connect to millions of Grab users, and improve retention by providing access to GrabRewards, its loyalty program. Research by Bain, Google and Temasek showed that in 2020, newfound online habits grew e-commerce gross merchandise value in SEA to US$62 billion. Stripe’s partnership with GrabPay will enable businesses in Singapore and Malaysia to tap into this e-commerce growth by managing GrabPay, card payments, and other popular local payment methods within one single integration. GrabPay works with both Stripe Checkout and API integration, allowing merchants to support payments in both Singapore Dollar and Malaysian Ringgit currencies.
Lakshay Kalra, Product Lead for Payments & Shipping, Carousell said: “We are excited to partner with Stripe to accept GrabPay on Carousell in Malaysia. As an additional payment method on Carousell, our users will have more simplified digital payment options and an enhanced shopping experience with us. We see promising results by enabling GrabPay on our platform. We believe that this partnership will make selling and buying much more efficient for our users.”
Chris Yeo, Managing Director and Head of GrabPay, Grab Financial Group said: “Our partnership with Stripe represents another milestone in our journey to build an e-wallet that can pay for the widest range of everyday needs in Southeast Asia in a safe, convenient and rewarding manner. With e-commerce’s increasing popularity here, we believe that Stripe’s expertise and technology will help us deliver an enhanced payments experience for Southeast Asians. This partnership also builds on our ongoing efforts to help businesses grow online in an increasingly digitally reliant world.”
Krishnan Rajagopalan, Head of Partnerships APAC, Stripe said: “Stripe and GrabPay share the goal of making online commerce as frictionless and convenient as possible, so that ambitious companies in Southeast Asia can grow their business. This partnership is a very important milestone for Stripe in Southeast Asia - enabling GrabPay as a payment method on Stripe further adds to our Global Payments and Treasury Network, a programmable infrastructure for global money movement.”