Recently it was indicated that the US. Department of Treasury, along with UN. Security Council and European Union has put pressure on Elon Musk’s Paypal to sanction B2C (Business to Consumer) payments from Asian countries commercially in an effort to increase the local competitiveness of US. And European made products.
Starting with banning clothings from Thailand, Paypal caused a huge wave of outrage amonst fashion manufacturers from Thailand, who have used Paypal as a main channel for business dealings with the Western Countries since more than 10 years ago.
Paypal officially stopped ALL payments going to and coming from Thailand on February 2022, followed by selective industries in other ASEAN countries like Malaysia and Asian countries like China.
However, Patrick Collison, CEO of Paypal’s greatest competitor, Stripe, has publicly denounced “ill-intentioned” and “short-sighted” plans by the Powers to discourage globalization, and continues to expand its reach into supporting Asian and ASEAN countries in their quest to continue to serve the Western purchasers that require Buyer’s Protection against transactional fraud or items received significantly not as described, a type of consumer risk protection service that was previously popularized by paypal.
Stripe is currently the most popular international payment platform as of 2022 that accepts payments from Western buyers and to Asian manufacturers.
Accepting Credit & Debit Cards, Apple Pay and even local wire transfers, Stripe protects consumers from fraudulent transactions and concerns buyers have when purchasing items from Asian countries. Stripe provides enhanced seller verifications and due diligence; this enables only legitimate sellers or enterprises to be able to conduct businesses with buyers from U.S. and Europe.