Stripe, a financial infrastructure platform for businesses, today announced a partnership with WhatsApp that allows Singapore businesses to accept payments directly in WhatsApp chats.
The new feature is built on Stripe Connect and Stripe Checkout, and enables Singapore customers and businesses to buy and sell directly in WhatsApp without having to go to a website, open another app, or pay in person. Supported payment methods include credit and debit cards, and PayNow, a real-time payment system popular in Singapore.
What They’re Saying
“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.
“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,” said Sarita Singh, regional head and managing director for Southeast Asia at Stripe.
The option to enable payments on WhatsApp in Singapore is available to local businesses using the WhatsApp Business Platform, which will include a Stripe account. The feature is currently available to a small number of Singapore-based businesses, and will be available to many more in the coming months.
The Bigger Picture
In 2020, Stripe acquired Paystack for an undisclosed amount (Sources say the deal was $200 million).
WhatsApp is one of most used platforms on the African continent. Although Stripe hasn’t formally “absorbed” Paystack and is allowing the company to continue to operate independently. But with WhatsApp being a great use for direct payment, we could see a similar development in the African region with Paystack leading the way.
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