After India and Brazil, Singapore has also implemented a closed-loop payment system within WhatsApp
Singapore implemented closed-loop payment system in WhatsApp, following India and Brazil
A report from TechCrunch shows that after the Indian and Brazilian markets, “WhatsApp” will also allow users in Singapore to make payments directly to businesses within the app. Meta has chosen to collaborate with payment service provider Stripe to enable this feature in the Singapore market. Image source: WhatsApp.
The “WhatsApp” in-app payment feature in Singapore relies on Stripe’s Stripe Connect and Stripe Checkout payment functions. Whether it is online or offline shopping, Singaporean users can make payments directly within “WhatsApp.” Users can use credit and debit card accounts, as well as Singapore’s PayNow transfer system to complete payments.
Tech industry expert Stephane Kasriel announced on Twitter that Singaporean users will be able to make payments to businesses within “WhatsApp.” Image source: Twitter.
Meta stated that the in-app payment feature is currently only available to some merchants. The company will further promote this feature in the coming months. Sellers can link their Stripe accounts within the “WhatsApp” Business section and enable in-app payments.
Sarita Singh, head of Stripe’s Southeast Asian market, said in a statement: “Most of my Singaporean friends that I know use ‘WhatsApp’ to chat, and now they can also make payments directly to businesses within the app. The convenient payment service of ‘WhatsApp’ will drive the profit growth of small and medium-sized enterprises in Singapore and help these enterprises expand their user base.”
“WhatsApp” first launched its in-app payment feature in India through the UPI payment system in 2020. In 2022, the National Payments Corporation of India raised Meta’s payment user limit to 100 million people. Later, in August 2022, “WhatsApp” collaborated with Reliance’s mobile network Jio to launch e-commerce features within the app. In April of this year, Brazilian users could also make payments to businesses within “WhatsApp.”
This article is compiled from WhatsApp now allows Singapore-based users to pay businesses within the app | TechCrunch.