Meta-owned WhatsApp has announced the launch of its in-chat payment feature for businesses in Singapore. Following successful launches in India and Brazil, WhatsApp has partnered with Stripe to offer its payment feature in the region. The feature is available online and offline and allows customers to pay businesses using credit cards, debit cards, or Singapore’s PayNow fund transfer system.
While the feature is currently available only to a limited number of businesses, Meta plans to expand its availability in the coming months. Businesses can set up the payment feature through WhatsApp Business, which will also guide them in getting a Stripe account.
Meta is betting on WhatsApp‘s 2 billion user base to launch payment services in different regions. As WhatsApp does not have subscription fees or ads, its business offerings are a key way for Meta to earn money from the app. With the shift from a notification-based pricing system to a conversation-based pricing structure for the usage of its business services starting next month, the in-chat payment feature could become an increasingly important revenue source for Meta.
Sarita Singh, regional head and managing director for Southeast Asia at Stripe, expressed enthusiasm for the new feature, stating that “The speed and convenience of payments through WhatsApp will help businesses expand their revenue streams with new channels and access a wider customer base.”
The in-chat payment feature is built using Stripe Connect and Stripe Checkout solutions, which allow businesses to accept payments online and offline. With the launch of the payment feature in Singapore, WhatsApp is expected to help enterprises to increase their revenue and expand their customer base through a fast and convenient payment system.
WhatsApp’s move into the payments space is part of a broader trend of tech companies looking to offer a seamless and convenient experience for users. As more people turn to digital channels for their shopping and other needs, services like in-chat payments could become increasingly important for businesses.
In addition to its payment feature, WhatsApp has been expanding its business offerings in other ways. Last August, the company launched an end-to-end shopping experience with Reliance Jio in India, allowing customers to order groceries using the app. The company has also been exploring the use of chatbots and other tools to help businesses communicate with customers more effectively.
With its large user base and strong brand recognition, WhatsApp is well-positioned to become a major player in the digital payments space. As the company expands its payment feature to more businesses in Singapore and other regions, it could help drive innovation and competition in the market, ultimately benefiting consumers and businesses alike.