Global fintech launches in NZ market

The global fintech player enters New Zealand with offers of global reach and faster access to payment technology

Global fintech launches in NZ market
Stripe, a global tech company, has launched into the New Zealand market offering a global reach and faster access to payments technology.

According to a report from the NZ Herald, Stripe has been beta testing its products in New Zealand since the start of the year and has already signed up Kiwi start-up company Xero.

Stripe Australia and New Zealand head of growth, Mac Wang, told the NZ Herald that the company was attracted to the NZ market for its strong economy and the number of new tech companies that were looking to go global quickly.

Wang will visit start-up business incubators Icehouse, BizDojo and Creative HQ this week, the NZ Herald said.

Wang said Stripe also liked the high smartphone penetration in New Zealand and its largely cashless society.

Wang said that despite internet being around for more than 20 years, e-commerce is still in its infancy, which he puts down to the lack of infrastructure and tools available to online businesses.

Traditionally it would take weeks for companies, gateway provider and banks to set up online payments, but Wang told the NZ Herald Stripe could hook businesses up on the same day.

The company also allows businesses to customise payments for a particular market, such as payments via Alipay for the Chinese market.

Stripe, a global business worth US$9.2bn, was started by Irish brothers Patrick and John Collison in 2010. The brothers are credited with a code which allows businesses to plug into websites and apps and connect with credit cards and banking systems which allows payments of more than 135 currencies.