Fintech startup Stripe brings digital payments processing to Singaporean business

Stripe, a digital payments firm headquartered in San Francisco, has announced that it has fully launched its services to all Singaporean business, allowing them to start accepting payments instantly.

“With more than 90% of the population already using a smartphone, Singapore is one of the heaviest adopters of mobile technology in the world. And so, out of the box, we’ll enable Singaporean businesses to accept both Apple Pay and Android Pay”, Stripe said.

Since its beta launch last year, Stripe has worked with several Singapore-based companies to start and scale their businesses. The firm said that between subscription companies like Tradegecko and Guavapass, on-demand platforms like Grab ,e-commerce startups like Grain and Hipvan, and new kinds of marketplaces like Oddle, over 50% of venture-backed companies in Singapore now use Stripe.

In addition, Stripe has also worked with global platforms like Shopify, Deliveroo, and Kickstarter to make their services available in Singapore.

It said that the pricing is simple and predictable: 3.4% + S$0.50 per successful charge. Also, volume pricing is available for businesses at scale – for processing over S$50,000 a month.

Stripe has received around $300 million in funding to date; investors include Sequoia Capital, Visa, American Express, Peter Thiel, and Elon Musk. In February 2015, it launched its bitcoin payments integration, allowing any merchant in its network with a US dollar bank account to accept the digital currency.

The company recently launched Instant Payouts which can be sent directly to service providers’ debit cards and funds are automatically deposited into the bank account linked to the debit card.