Financial infrastructure platform for businesses, Stripe, has launched Adaptive Pricing to help businesses in Asia Pacific ensure their customers can pay in their preferred local currency.
According to a 2023 Stripe study, two-thirds (66%) of businesses are planning to sell to new countries by 2025, but their biggest technical concern in doing so is being able to accept payments according to local preferences.
Adaptive Pricing enables businesses in countries including Australia, India, Hong Kong, Japan, Malaysia, New Zealand, Singapore and Thailand to present prices in local currencies to buyers in 150+ countries around the world.
It can also increase the usage of local payment methods by ensuring customers have the option to pay in their currency and with payment methods most relevant to them. Stripe’s findings have shown that when given the option, 90% of customers choose to check out in their local currency.
Stripe head of product for Asia Pacific, Valerie Wagoner said, “Online shoppers are purchasing more goods internationally, especially in Asia Pacific. In Singapore alone, 74% of consumers are open to buying cross-border digital services today. This presents a massive opportunity for businesses who are able to personalize and localize the payment experience.
“We’ve observed an average 17.8% uplift in cross-border revenue for businesses using Adaptive Pricing, demonstrating the value created through providing the most localized customer experiences.”
Stripe users globally on Checkout or Payment Links can turn on Adaptive Pricing with one click in their dashboard.