Stripe has officially launched its services in India.
Stripe had been teasing that they would allow Indian users to accept payments since they launched a beta program in December 2017.
However, the official date of Stripe India launch should be 2nd March.
Stripe is a payment processor just like PayPal built for both businesses and consumers.
4th March update: Here’s the official announcement email:
Thank you for your interest in Stripe. We would like to invite you to join Stripe’s beta program in India by creating your free account at the link below.
With Stripe you can look forward to a number of benefits to help you scale your cross-border business without the need for an international business entity:
- Accept payments from customers in 135+ currencies with a single integration
- Payout directly into an India bank account in INR
- Build and scale your recurring business model with Stripe Billing
- Harness the power of Stripe Radar to detect and prevent fraud
- You can learn more about exporting to international customers with Stripe here.
We’re excited to hear your feedback or answer any questions about our services in India. You can also refer to our India-specific FAQs here.
The Stripe team
I just finished setting up my Stripe account using my Indian address and bank account.
It remains as easy it is for the US, and there is no hassle at all. It’s simpler than PayPal for sure.
Here’s an image from Stripe’s global page:
India is currently marked as preview. About which I couldn’t find any details.
It probably means that Stripe is running a test for Indian accounts. Maybe they are monitoring the quality of payments, early transaction processing issues, and authenticity of accounts is being tested.
I’ve reached out tot heir support team to know more about the preview state, and I’ll update this post as soon as I get a response worth sharing.
How to use Stripe in India
Till now, Stripe allowed you to send a payment using Indian cards, but they didn’t allow you to accept national or international payments.
Now you can receive payments in your Stripe account from around the globe in your Indian bank account using your residential address as well. However, you’ll need a PAN number, and you also need to be at least 18 years old.
To get started with, sign-up for a free Stripe account and create your profile.
Then there’s an account activation step you need to complete before you can start receiving payments.
You can activate your account using your home or business address, PAN, and Indian bank account details. That’s all you need.
Once you activate your account, you’ll receive a successful activation message:
Here’s my Stripe dashboard:
If you notice, the publisher key says “pk_test.” This doesn’t mean that your account is under the test environment.
That’s because it is not your live publisher key. You’ll find your live key by going to Developers menu and clicking on the API section, like this:
It will take a while before you can start receiving the payments through Stripe. They’ll manually verify your account and it can take upto 4 weeks.
You’ll receive an email like this once your Stripe account is verified and approved:
When compared to others, it is popular because of its low transaction fees. If you’re making more than $5000 or more every month, it will save you hundreds of dollars. Affiliate marketplaces like PartnerStack have an option to receive payouts in Stripe accounts, and they recommend it over PayPal.
It saves both your and the senders money.
I wanted to share this news as soon as possible because there are literally so many users that can benefit from a Stripe account.
It makes accepting credit and debit card payments much faster and easier than PayPal. Stripe’s dashboard is more intuitive and practical too.
So, if you would like to Start using Stripe, now is a good time to sign up.
Share this news with your friends and let me know how you feel about stripe coming to India in comments.