With digital payments industry seeing a steep rise in the country, US-based Stripe has now announced that it is launching its payment gateway and processing service in India. While Stripe is preparing a debut in India now, the platform has been in operation for roughly seven years in 25 countries.
“Today, we’re starting an invite-only beta for Stripe in India with a small group of companies. These businesses will help us test our platform in the Indian market and provide feedback on features that we’ll need to build to support all Indian businesses looking to accept online payments and run their companies on Stripe,” the company announced. “We’ll slowly add more users to the beta in the next few months to test specific functionality.”
Essentially, Stripe is starting off with launching a beta with a limited number of subscribers. You could also sign up, by going to this page, and you will be notified when there is a complete rollout. Stripe also promises to connect its platform with local bank accounts, so users can receive payouts in Indian Rupees. The company also noted that it’s looking to build new products specifically for this market, and is hiring engineers to do that.
Stripe elaborates its relation with India, saying, “With Stripe Atlas, we’ve already been able to help some Indian entrepreneurs build and scale global companies. However, we believe that by operating locally in India…we can help support even more businesses and more types of business models (such as local marketplaces) in the years to come.”
Stripe allows online businesses to accept payments from customers with a per-transaction charge, and no setup fees. The company in its blog notes the reason why it decided to enter India now. Stripe writes that India now counts about 500 million internet users, and saw more than twice the number of new businesses start as the US in 2016.