Stripe enabling GrabPay as an online payment

By ANIS FARHANAH MALEK
anisfarhanah@dagangnews.com

KUALA LUMPUR 27 May - 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, according to Stripe in a joint statement.

Meantime, Carousell, a merchant-partner in the initial pilot, 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 as well as lifestyle technology products.

Product Lead for Payments & Shipping, Carousell, Lakshay Kalra said, as an additional payment method on the marketplace platform, its users will have more simplified digital payment options and an enhanced shopping experience.

“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,” explained Kalra.

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.

For record, 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.

Therefore, 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.

“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,” said Managing Director and Head of GrabPay, Grab Financial Group, Chris Yeo.

Meanwhile, Head of Partnerships APAC, Stripe, Krishnan Rajagopalan sees Stripe and GrabPay share the goal of making online commerce as frictionless and convenient as possible, so that ambitious companies in SEA can grow their business.  - DagangNews.com