Singapore has one of the highest mobile penetration rates in the world. In 2021, the mobile penetration rate reached 158.8% in Singapore, or about 1.6 mobile subscriptions per resident.
There’s also high usage of the mobile messaging app WhatsApp – 4.6 million users in Singapore. Perhaps due to the messaging app entering the local scene earlier than others, it is the preferred messaging app in the country.
These reasons make Singapore a good place for the app to roll out its in-chat payment service, following the launch of this service in India and Brazil.
Read Also: Biopolis, Fusionopolis, Mediapolis: Guide To Knowing One-North’s 8 Precincts
Who Can Use WhatsApp In-Chat Payments
The service is made possible from a partnership between Stripe and WhatsApp, to enable Singapore businesses to accept payments in their chats.
This is done by integrating WhatsApp with Stripe Connect and Stripe Checkout. Singaporeans with a locally registered WhatsApp number can pay using PayNow, Visa, Mastercard, and American Express credit cards and debit cards.
There is no limit to how much a person can pay per transaction and no fees will be charged to consumers with each transaction.
How To Set Up WhatsApp In Chat Payments
The option to enable payments on WhatsApp in Singapore is available to local businesses using the WhatsApp Business Platform.
According to Stripe, the new service aims to help companies grow their revenue streams with new channels and potentially access a wider customer base.
Local businesses such as a lifestyle boutique Tye Tye, a plant-based butcher Love Handle, gym No Excuses, and pastry shop Baker’s 13 are using the feature.
Interested businesses can register for the program here. You are required to fill in information such as your name, designation, business email, company name and website, and country of registration.
You can also reach out to any of WhatsApp’s business solution providers, such as Gupshup, 360dialog, Wati.io, and Vonage to get onboarded.
How Can Merchants Potentially Benefit From This Feature
With this feature, businesses and customers do not have to go to another website, open another payment app, or pay in cash.
Customers who make a payment will receive a confirmation screen stating that the payment is made and they can check the status of the transaction under order status or details in WhatsApp.
This service essentially bridges the gap for business owners who find the cost of building or setting up a payments portal online too costly. There is also higher retention as customers can shop and cart out all in one app.
Featured Image Credit: WhatsApp
Read Also: Formula 1 Singapore 2023: Hospitality Packages For Corporates For An Elevated Night Race Experience
Subscribe To The DollarsAndSense Business Pass
Enjoy what you are reading and want more? Join The DollarsAndSense Business Pass and unlock access to valuable tools, exclusive networking opportunities, and tap into the wisdom of industry experts to fuel your business expansion!
