Stripe introduces new suite of financial products in Japan
Stripe introduces new suite of financial products in Japan
Stripe, a global financial infrastructure platform, has announced a number of new products in Japan aimed at providing companies with enhanced tools to reach consumers and increase revenue both domestically and internationally.
The announcement follows a significant 55% growth in payment volume in Japan in 2023, highlighting the company's sustained growth in the region.
Stripe is strengthening its investment in Japan by introducing products specifically designed for
the local market. These new offerings include the ability to work with multiple payment processors through the Vault and Forward APIs, installment payments for greater consumer flexibility, and enhanced verification through Stripe Identity. These announcements were made during Stripe Tour Tokyo, the company's annual conference focused on the internet economy in Japan.
Eileen O'Mara, Chief Revenue Officer at Stripe, said: “Stripe's growth in Japan is accelerating, so we are increasing our investment in new products designed specifically for this market to make doing business much easier. We are also opening up our platform so that Japanese businesses can use Stripe alongside their existing tools.”
Since launching in Japan in 2016, Stripe has served some of Japan's leading enterprises including Toyota, Nikkei, ANA Group and others. It also supports global companies such as Shopify, Uber and Atlassian in their Japanese operations. The introduction of the Vault and Forward APIs allows Japanese companies to implement Stripe's suite of products while continuing to process payments with other providers. This flexibility is particularly beneficial for large enterprises bound by long-term contracts with other payment processors.
One notable new feature is the ability for businesses to offer installment card payments. Previously, businesses had to wait up to six months to receive installment payment funds, but with Stripe's solution, payments are reduced to just four business days. The feature adds to Stripe's growing list of local payment options, including convenience store payments, wire transfers and JCB card acceptance, all part of Stripe's Optimized Checkout Suite (OCS).
OCS uses machine learning to suggest the most appropriate payment methods for shoppers, supporting over 100 payment options. The suite also facilitates cross-border transactions, which grew 65% in volume in 2023, with a quarter of Japanese companies on Stripe selling internationally. Companies using OCS reported an average revenue increase of 11.9% due to higher conversion rates.
In response to growing concerns about credit card fraud in Japan, which has reached a record 54 billion yen in 2023, Stripe introduced Stripe Identity. The tool allows companies to verify users from more than 110 countries in less than five seconds, improving security and reducing fraud. This is Stripe Identity's first expansion outside of the U.S. and U.K., driven by demand from Japanese companies for improved identity security.
Stripe also announced that Sony Honda Mobility and DeNA are the latest Japanese businesses to adopt its products. Sony Honda Mobility will use Stripe to manage customer data and create a billing and payment system for its new AFEELA electric vehicle brand. DeNA will integrate Stripe into its VTuber IRIAM app to streamline payments and reduce fraud.
Stripe continues to be considered an industry leader, ranking in the Forrester Wave™ for merchant payment service providers and the IDC MarketScape ranking for software vendors for worldwide online retail payment platforms.
Read also: Darwinex to stop offering CFDs to new Spanish clients
