Stripe launches in-store POS system in Singapore

  • Stripe has launched its in-store POS system in Singapore as the wider region sees an increasing use of digital payments.
  • And as demand for unified commerce grows, Stripe will likely expand Terminal to other Southeast Asian markets.
  • Insider Intelligence publishes hundreds of insights, charts and forecasts on the payments and commerce industry. Learn more about becoming a customer.

The news: Stripe introduced its in-store point-of-sale (POS) system, Stripe Terminal, in Singapore by Finextra.

Chart showing mobile payment transaction volume in Southeast Asia

Insider information

Here’s how it works: Stripe Terminal unifies businesses’ online and in-person transactions with flexible developer tools and card readers. Customers can customize their payments using Terminal’s APIs and SDK. Stripe Terminal also offers fleet management so businesses can manage their hardware across multiple locations.

Why it’s worth watching: The launch of Stripe Terminal in Singapore reflects two key trends.

Growth of digital payments in Southeast Asia.

Mobile wallets are now one of the most popular payment methods in the region, supported by increased smartphone penetration. Mobile transaction volume in Southeast Asia reached $62.59 billion in 2020 and is expected to more than quadruple to $268.07 billion by 2025, according Research on Boku and Juniper.

This pushes payment providers to strengthen their presence in the market: Ant Group bought a majority stake in Singapore-based payment platform 2C2P in April and shortly thereafter increase its workforce in the market. Mastercard also recently Underline growth opportunities in the Southeast Asia region.

Growing demand for unified commerce tools.

Many merchants prioritized e-commerce early in the pandemic, turning to providers like Stripe for online payment acceptance. But a return to physical shopping has created friction by reconciling in-person and online payment processes, and disjointed systems can lead to costly operational inefficiencies.

Today, traders are looking for unified commerce systems like Stripe Terminal. And other payment providers are launching solutions to capitalize on this trend: Adyen Payment Processor introduced an all-in-one mobile point-of-sale (mPOS) solution this year to bolster its unified commerce capabilities. And the speed of light spear an omnichannel retail platform in March that allows merchants to combine payments, POS technology and e-commerce.

The Opportunity: The Singapore launch can help Stripe capitalize on the growing digitalization of payments and physical retail in Singapore: Non-e-commerce retail sales in the market are expected to reach $30.06 billion this year, by Insider Intelligence eMarketer forecasts.

Stripe may also use Singapore as a launchpad to introduce Terminal to other Southeast Asian markets as other payment providers move into the region. And as demand for unified commerce grows, Stripe will likely expand Terminal to other marketplaces.

Overview: Stripe is using new business solutions and global expansion to drive growth it hopes will rival last year’s tear. Last month he spear Financial connections—a

open bank

solution that allows companies to connect directly to customers’ bank accounts and Data pipelinewhich enables businesses to gain marketing, product, security and sales insights by consolidating data with the Amazon and Snowflake platforms.

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