Stripe worked alongside Thailand’s central bank to launch payment services for businesses in the country. Credit: Markus Winkler on Unsplash

Stripe, a payments technology firm, has strengthened its presence in the Asia Pacific region by setting foot in the Thai market.

The entry into the Thailand will offer local businesses access to several Stripe technologies such as Billing for subscriptions and recurring payments, as well as Connect for software platforms and marketplaces.

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Stripe’s Invoicing for automated payment collection and reconciliation, fraud detection and prevention tool Radar, and Checkout and Payment Links for ecommerce will also be made available to Thai businesses.

Businesses in the country can accept payments made through Visa, Mastercard and other major credit cards, and through local payment service PromptPay.

Stripe worked alongside with Thailand’s central bank to launch payment services support in the country.

Bank of Thailand assistant governor of payment systems policy and financial technology group​ Siritida Panomwon Na Ayudhya said: “Stripe’s business launch in Thailand will certainly help support the development of innovation and the wider access of digital payment services for both individuals and businesses.”

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Last year, thousands of Thai firms including Baania, Chanintr, Coconut Beach Bungalows, Storior, and FlowAccount signed up to the Stripe platform in a beta phase.

The Thai operations will be led by Tee Chayakul as the country director.

Chayakul stated: “Thailand’s digital economy is one of the fastest growing in Southeast Asia. However, moving money on the internet remains incredibly complicated and cumbersome.  

“We want to remove these barriers with financial infrastructure that helps ambitious businesses increase their revenue, automate low-value tasks, and expand internationally.”

Stripe also offers services in Australia, New Zealand, Hong Kong, Japan, Malaysia, and Singapore.