WhatsApp, the popular chat app owned by Meta, is expanding its payment services to Singapore. The feature will allow customers to pay businesses within a chat using credit cards, debit cards, or Singapore’s PayNow fund transfer system. The payment feature was built using Stripe Connect and Stripe Checkout solutions, making in-app payments available both online and offline. Currently, the feature is only available to a select few businesses, but Meta plans to expand 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. She also noted that most people in Singapore use WhatsApp to chat with each other, making it an ideal platform for businesses to accept payments.
WhatsApp first launched its payment services in India in 2020, based on the country’s Unified Payment Interface (UPI) network. In 2022, The National Payments Corporation of India allowed Meta to expand the service to 100 million users. Last August, the company introduced an end-to-end shopping experience with Reliance Jio in India, allowing customers to order groceries using the app. Last month, WhatsApp also launched merchant payments in Brazil after allowing peer-to-peer payments for nearly three years.
Mark Zuckerberg is now leveraging WhatsApp’s 2 billion user base to launch payment services in different regions. As WhatsApp doesn’t have subscription fees or ads, its business offerings are the marquee method for Meta to earn money from the app. Starting next month, WhatsApp is also switching from a notification-based pricing system to a conversation-based pricing structure for usage of its Business services.
Businesses can set up the payment feature through WhatsApp Business, which will guide them on getting a Stripe account too. This will enable them to accept payments from customers within a chat, making transactions faster and more convenient. The ability to pay businesses within a chat is expected to help businesses expand their revenue streams with new channels and access a wider customer base.
In conclusion, WhatsApp’s expansion of its payment services to Singapore is a significant move that will help businesses in the region to accept payments more easily. The feature is built using Stripe Connect and Stripe Checkout solutions, making in-app payments available both online and offline. While the feature is currently only available to a select few businesses, Meta plans to expand availability to more merchants in the coming months. With WhatsApp’s 2 billion user base, the payment feature is expected to be a major source of revenue for Meta.