WhatsApp Launches In-Chat Payment Feature for Singapore-Based Businesses
WhatsApp has partnered with Stripe to launch its in-app payment feature for businesses in Singapore, following successful launches in India and Brazil. The new feature allows customers to pay for products and services directly within a chat using credit or debit cards, as well as Singapore's PayNow fund transfer system.
Businesses can set up the feature using WhatsApp Business, which provides guidance on creating a Stripe account. The feature is currently only available to a limited number of businesses, but Meta plans to expand its availability to more merchants in the coming months.
According to Sarita Singh, Regional Head and Managing Director for Southeast Asia at Stripe, the speed and convenience of payments through WhatsApp will help businesses expand their revenue streams with new channels and access a wider customer base.
WhatsApp's move into the payments space follows the company's launch of a shopping experience with Reliance Jio in India last August, which allows customers to order groceries through the app. In Brazil, the company had previously allowed peer-to-peer payments for nearly three years before introducing merchant payments last month.
Given that WhatsApp does not charge subscription fees or show ads, its business offerings are a key way for parent company Meta to earn revenue from the app. Starting next month, WhatsApp will switch to a conversation-based pricing structure for its Business services.
The launch of the in-chat payment feature in Singapore underscores Meta's efforts to leverage WhatsApp's 2 billion user base to launch payment services in different regions.
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