A new entrant to Asia’s Payments battle, Stripe
Stripe announced their official launch in Asia on 20 September 2016, with Singapore as their very first market in the region. The decision to have the city-state as their door into the region comes as no surprise. Singapore has one of the most reputable financial and trading centres in the world. Over the past few years, Singapore has proven itself to be at the forefront of the fintech transformation in Asia.
As the newest entrant to the market, they face pretty stiff competition. Let’s take a look at the various key combatants in the battle for payments in Asia.
Founded in 2003, 2C2P has raised S$10 million in the last 5 years. They handle an average of 78,000 transactions daily, and have a strong presence in Thailand. Recently entering a strategic partnership with another payments company, SafeCharge, 2C2P is looking to increase their global presence.
Founded in 2011, Red Dot Payment caught the attention of investors in 2014 and raised an undisclosed amount through 2 rounds of funding from 4 investors. They have already established bases in Thailand and Indonesia, and are looking to expand regionally.
A payments solution by the Lazada Group, HelloPay was established in 2014. With access to one of the region’s largest online marketplaces, they have an advantageous position. Alibaba recently invested in Lazada, starting rumours about a potential partnership between HelloPay and Alipay.
This Malaysian payments company, founded in 2011, supports over 40 major retail brands and over 100 banks in the region. Their payment solutions see through more than US$500 million worth of transactions a year. With offices in 12 countries, their global presence is expanding.
CodaPay hopes to address payment concerns for over 70% of Southeast Asians who do not own a bank account. They are one of the leading companies in the alternative payments niche, they have raised more than US$5.2 million in funding since their inception in 2011.
As part of one of the world’s biggest and fastest growing companies, Alibaba, Alipay is looking to be a frontrunner in the global race for payments. They boast over 400 million registered users, processing 80 million transactions a day, outperforming payments veteran, PayPal.
While the payments sector seems to be pretty saturated, each and every player presents a unique solution to different payment problems. Will we be seeing a consolidation of payment partners? Or will the payments landscape remain varied and diverse? It all depends on consumer preferences and how we use these solutions will determine the future of digital payments.