WhatsApp has launched its payment platform, WhatsApp Pay, in Singapore, allowing users to transfer money within a WhatsApp chat. After introducing the platform in India and Brazil, WhatsApp is now offering its payment services to businesses in Singapore.
WhatsApp Pay now available in Singapore
Partnering with Stripe, a fintech company that provides payment processing software, WhatsApp aims to make it easier for merchants to sell their products without redirecting customers to another online platform or a physical store.
With WhatsApp Pay, local merchants in Singapore can now accept payments from their customers through the messaging app. This feature provides a seamless and secure experience to both customers and merchants as the entire checkout process is done within WhatsApp. As soon as the payment is made, both parties receive a payment confirmation instantly. Currently, customers can pay using Visa, MasterCard, and American Express credit or debit cards or by using PayNow, a local payment system. However, Meta, the parent company of WhatsApp, plans to add more payment methods in the future.
WhatsApp Pay for merchants is available only to a small number of businesses in Singapore for now. According to Meta, businesses interested in offering this service to their customers can work with a business solution provider (BSP) to enable it on the WhatsApp Business Platform. In addition to payments for businesses, WhatsApp Pay also works for transferring money from one person to another, a feature that is currently available exclusively in India and Brazil. However, it’s uncertain when WhatsApp Pay will be available in more countries.
Meta’s messaging app, WhatsApp, has over two billion users, indicating its enormous interest in expanding its payment platform to more countries worldwide. The company seeks to offer a seamless and secure experience for people and businesses looking to buy and sell on WhatsApp without having to go to a website, switch apps, or pay in person.
To use WhatsApp Pay in supported regions, users must have the latest version of WhatsApp installed on their phones. With the launch of WhatsApp Pay in Singapore, the country has ushered in a new era of seamless and secure transactions, making it more convenient for businesses and customers to engage in financial transactions.