According to Stripe, the partnership will enable businesses to manage GrabPay, card payments, and other popular local payment methods within one single integration. GrabPay apparently works with both Stripe Checkout and API integration, allowing merchants to accept payments in both Malaysian ringgit and Singaporean dollar currencies. Stripe cited the example of Carousell, which allegedly saw an increase of almost 20% in online transactions since October last year after making GrabPay available as a payment method via Stripe in Malaysia. Notably, the online marketplace experienced a significant growth in sales from the younger demographics via GrabPay.
“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,” said Krishnan Rajagopalan, Stripe’s Head of Partnerships APAC. Relatedly, Stripe arrived in Malaysia two years ago in 2019, bringing its suite of products to local businesses. At the time, its solutions were already being used by quite a few well-known companies, including Grab, FashionValet, dahmakan, SOCAR Malaysia, and EasyStore. (Source: Stripe. Header image: Stripe / Facebook.)
