WhatsApp launches a direct payment feature for local businesses in the city-state, ostensibly bypassing many local fintech payment specialists.
Meta's chat application, Whatsapp, is now allowing city-state citizens to make payments to local businesses directly from the app, an announcement sent to the media on Tuesday indicated.
The service is currently available for a small number of businesses but the number is expected to increase in coming months. It will be supported by payment provider Stripe. On the business side, Meta indicated that it is working with 360dialog, Gupshup, Vonage, and Wati.
Within a Chat
«We’re excited to unlock this ability for people and businesses to connect right within a chat on WhatsApp without having to go to a website, open another app or pay in person,» Stephane Kasriel, the head of commerce and financial technologies at Meta indicated in a Linkedin post.
Customers will be able to use market-standard credit cards to make payments or PayNow. Meta intends to add other payment methods and service providers over time.
It is also likely to prompt many of those fintech providers in the payment space in Singapore to turn their heads, now that big tech finally entering their turf in the city-state. Given the prevailing popularity of the chat app, which remains the preferred communication tool, it may lead to a significant consolidation of the payment fintech market. At the very least, most payment providers will have to make a clear decision as to whether they will work with Meta or not.
