WhatsApp partners with Stripe to roll out
WhatsApp has announced a partnership with financial infrastructure platform Stripe, enabling Singapore businesses to accept payments directly in WhatsApp chats from this week.
Available for merchants using WhatsApp Business Platform, customers and businesses are now able to buy and sell directly in WhatsApp. The new feature is built on Stripe Connect and Stripe Checkout. According to a statement by WhatsApp, supported payment methods include credit and debit cards as well as PayNow, a real-time payment system widely used in Singapore.
The feature is being rolled out to a few Singapore-based businesses for now and will be “available to many more in the coming months”. . According to The Straits Times, some of the current users include plant-based butcher Love Handle, gym No Excuses, lifestyle boutique Tye Tye, to name a few.
“Starting today, people in Singapore can pay their local merchants on WhatsApp in just a few taps. This seamless and secure experience will transform the way people and businesses in Singapore connect on WhatsApp,” said Stephane Kasriel, head of fintech at Meta.
Commenting on the partnership, Sarita Singh, regional head and managing director for Southeast Asia at Stripe, said, “Most people I know in Singapore use WhatsApp to chat with each other. Now, they can pay local businesses using the app as well. The speed and convenience of payments through WhatsApp will help businesses expand their revenue streams with new channels and access a wider customer base.”
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Since its launch in 2010, Stripe has been focused on enhancing online payments for consumers. More than 40 payment options and more than 100 optimisations, including pre-built payment UIs, are available in Stripe today, improving every part of the checkout process. Businesses in Singapore can also use the Stripe Dashboard, a potent tool for managing all of their Stripe data in one location, along with accepting payments via WhatsApp.
According to WhatsApp, the in-chat payment service is available in various markets such as Brazil and India as well as in Singapore. WhatsApp announced the launch of Brazil in-chat payment in April 2023, “This seamless and secure checkout experience will be a game-changer for people and small businesses looking to buy and sell on WhatsApp without having to go to a website, open another app or pay in person. We’re rolling out today to a small number of businesses and will be available to many more in the coming months,” according to WhatsApp.
Now, Mark Zuckerberg is leveraging the 2 billion users of the chat app to roll out payment options around the globe. The main way for Meta to monetise WhatsApp is through its business products because the app doesn’t have membership fees or advertisements. At of the beginning of June 2023, WhatsApp will also change the pricing model for its Business services from one based on notifications to one based on conversations.
More recently, WhatsApp also announced the launch of a business directory feature in Brazil, Colombia, Indonesia, Mexico, and the United Kingdom, allowing users to find local business easily without having to look for their contacts from website to website.
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