(Yicai) May 9 -- Global payment services provider Stripe aims to support Chinese companies in expanding their cross-border operations, co-founder and Chief Executive Patrick Collison told Yicai in an interview.

Cross-border business is a key driver of Stripe’s ongoing success, said Collison. The fintech firm, which is dual-headquartered in California and Dublin, provides software that allows businesses to accept online payments globally.

Last year, Stripe processed USD1.4 trillion in payments, a 38 percent increase from the previous year, according to figures shared at the company’s recent annual conference in San Francisco.

The Chinese market is too significant to ignore. The Chinese yuan has become the world’s fourth most-used payment currency, with cross-border payments reaching CNY175 trillion (USD24 trillion) last year—a year-on-year increase of 43 percent.

However, Stripe does not plan to enter China’s domestic payments market. Collison noted that the local payment ecosystem is vastly different from Stripe’s model and is already dominated by major players such as Alipay and WeChat Pay.

Instead, Stripe is focusing on partnerships. Last month, it expanded its global collaboration with Tencent by officially integrating WeChat Pay into Stripe terminals across 20 countries.

Stripe’s services are creating new opportunities for Chinese fintech firms aiming to go global. A representative from a major Chinese payment company who attended the conference told Yicai that a Chinese payments company may not be lacking in technical capabilities. "However, services like Stripe’s multi-currency account balances for cross-border payments have opened up many possibilities."

During the conference, Stripe also unveiled a cutting-edge foundational artificial intelligence model designed to secure payments and prevent fraud—specifically card testing, where cybercriminals use small transactions to validate stolen cards. Trained on hundreds of billions of data points, the model can detect subtle behavioral cues in each transaction. With the model’s implementation, Stripe’s fraud detection rate for large enterprises rose by 64 percent.

Editor: Emmi Laine