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Nearly 80% of Singaporean Consumers Expect Simplified Cross-border Payment Processes
Jayson 02 Sep 2024 10:58
Singapore consumers face payment barriers when making online cross-border purchases, with nearly 80% of respondents expressing a desire to simplify the international payment process. A survey by payment processor Stripe noted that merchants also face challenges such as choosing the most appropriate payment method and handling currency conversion.
To address these issues, Stripe has launched new adaptive features, including local currency pricing and smart payment solutions. To improve the payment experience, Stripe's new features allow customers to view product prices in their local currency, reducing the uncertainty caused by exchange rate conversion.
In addition, smart payment tools can automatically select the payment method with the highest success rate, thereby increasing the success rate of transactions.
In addition to Stripe's efforts, instant messaging apps such as WhatsApp have also launched payment features in Singapore, making the shopping process smoother and more seamless.
This trend has further driven consumers' willingness to buy, especially the younger generation of consumers who prefer to use convenient mobile payment methods.
It is worth noting that "buy now, pay later" (BNPL) services are also becoming increasingly popular in Singapore, and this flexible payment option has attracted more young consumers to participate in e-commerce activities.
To address these issues, Stripe has launched new adaptive features, including local currency pricing and smart payment solutions. To improve the payment experience, Stripe's new features allow customers to view product prices in their local currency, reducing the uncertainty caused by exchange rate conversion.
In addition, smart payment tools can automatically select the payment method with the highest success rate, thereby increasing the success rate of transactions.
In addition to Stripe's efforts, instant messaging apps such as WhatsApp have also launched payment features in Singapore, making the shopping process smoother and more seamless.
This trend has further driven consumers' willingness to buy, especially the younger generation of consumers who prefer to use convenient mobile payment methods.
It is worth noting that "buy now, pay later" (BNPL) services are also becoming increasingly popular in Singapore, and this flexible payment option has attracted more young consumers to participate in e-commerce activities.
