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Online Payments

Stripe enables online payments; partners with PayNet; arrives in Malaysia

Tuesday 8 October 2019 | 10:20 AM CET

Stripe has officially expanded to Malaysia, enabling businesses to accept online payments with no upfront cost and hidden fees.

In addition, they have also partnered with PayNet, thus allowing businesses to accept online banking payments via FPX, aiming to offer clearer bank statements, easy refunds, and a system that prevents accidental double-charges Stripe worked closely with the government to ensure its KYC checks are suitable for the Malaysian market. To achieve this, and to allow merchants to accept payments from customers, as well as to accept payments from banks in Malaysia, the partnership with PayNet was signed.

Moreover, as per Stripe, Malaysia is its second market in Southeast Asia that has a high mobile penetration of 88%. Stripe has shared that less than 8% of commerce is online. This happens because moving money on the internet remains complicated and slow. The company’s goal is to remove traditional barriers and to build an infrastructure that ambitious businesses need to run at internet speed and scale. Stripe has been testing its service in Malaysia and is currently integrated on several online-based platforms, includings EasyStore, DahMakan, Fashion Valet, Flower Chimp, Grab, and SOCAR. During the trial period, the company localised its platform.

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