In the past two years, the percentage of India’s population connected to the Internet has more than doubled to 500 million users. In 2016, India saw more than twice the number of new businesses start as the US.
Stripe is one of the latest global payments startup to make its way to India. Valued at USD 9.2 billion, Stripe counts payment company Visa, American Express and Sequoia Capital as investors. Its application programming interface (API) can be integrated by an online merchant to start accepting card payments.
Currently, it’s present in 25 countries across Southeast Asia, the Americas, and Europe. Having a global presence, Stripe lets businesses cater to international markets with products like Altas. Stripe’s platform allows a business to transact in as many as 130 currencies.
Some of its clients include startups like Lyft, Pinterest, Slack, besides 1,00,000 other businesses. In India Stripe will compete with the likes of global player PayPal and regional players like PayU, Razorpay, CCAvenue and Payoneer among others.
Poised to reach USD 500 billion by 2020 according to a report by Google and Boston Consulting Group, the consumer digital payments segment is expected to double to 40% in the next three years.
Already 81% of existing digital payment users prefer paying online to any other non-cash payment methods. Indian consumers are 90% as likely to use digital payments for both online as well as offline transactions.
The government’s push to increase digital transactions by pushing the UPI and BHIM platform have also resulted in increased number of digital payment transactions in the country.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now