In Singapore, WhatsApp introduced the option to pay businesses through a chat, following India and Brazil. To launch the function in the area, Meta teamed up with Stripe.
How will it help Singapore Users?
With the help of Stripe Connect and Stripe Checkout, WhatsApp has developed a payment tool that accepts payments online and online.
It accepts all forms of payments from clients, including credit cards, debit cards, and Singapore’s PayNow fund transfer system.
According to Meta, only a selected few businesses currently have access to the feature. In addition, it allows them to receive payments using WhatsApp.
But over the upcoming months, it intends to increase the availability of more shops. Through WhatsApp Business, firms may set up this feature. In addition, it will also provide instructions on opening a Stripe account.
According to Sarita Singh, managing director for Southeast Asia at Stripe, “The speed and convenience of payments through WhatsApp will help businesses access a wider customer base. In addition, it will expand its revenue streams with new channels.”
She added, “The majority of Singaporeans I know communicate with each other over WhatsApp. They can now use the app to pay for nearby establishments.”
Closing Note
Now, Mark Zuckerberg is leveraging the 2 billion users of the chat app to roll out payment options around the globe.
The main way for Meta to monetize WhatsApp is through its business products. Since the app doesn’t have membership fees or adverts.
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As of the beginning of the following month, WhatsApp will also change the pricing model for its Business services from one based on notifications to one based on conversations.
