Home-grown classifieds marketplace Carousell launched its first integrated payment system “CarouPay” in Singapore on Wednesday (Jun 10) and it’s poised to enable its users to make transactions on the platform with greater convenience and assurance.
Regarded as the brainchild of Carousell’s partnership with financial institutions DBS, Stripe and Visa, CarouPay would allow users to pay for purchases directly within the app using personal mobile wallet DBS PayLah!, credit or debit cards.
Senior vice president of Carousell’s business division, Jia Jih Chai, said: “Everyone has unused or underused items that can benefit others. Carousell was built to allow people to ‘snap, list, sell’ these items easily.”
“With the help from our partners, DBS, Stripe and Visa, CarouPay allows the Carousell community to sell their underused items even faster and safer with cashless convenience.”
When listing their items, sellers can choose to enable CarouPay as a payment option which could be a boon to buyers who prefer online transactions instead of physical meet-ups and cash payments.
Trumpeted as a feature that gives buyers and sellers peace of mind, CarouPay is said to allow merchants to deal more confidently on the marketplace while ensuring that buyers’ funds are kept secure until the entire purchasing process has been completed.
Sellers will be able to receive payments from Carousell directly into their bank accounts or instantly on their Visa debit cards using Stripe’s Instant Payouts feature once the transaction has been verified.
If buyers do not receive their item or tracked mail, they can raise the issue to the seller or “escalate it to Carousell”. The funds will remain with the company for safekeeping until a resolution is met.
A live delivery status feature is made available for orders fulfilled via Singpost’s SmartPacs and registered mail, providing in-app updates that help both parties track the most current location of the goods.
To date, more than 70,000 listings have been enabled with CarouPay, the company said.
Gene Wong, DBS Bank’s head of ecosystems of Consumer Banking Group, said: “We seek to seamlessly integrate banking into our customers’ everyday lives so that banking becomes simpler and easier for them.”
“Over the years, we have enhanced our digital channels to enable customers to transact fuss-free across multiple touch-points,” Wong added.
“Businesses like Carousell are fundamentally changing commerce, rapidly transforming the way we buy and sell online. Marketplaces are also incredibly complex, and need to manage multiple pay-ins and pay-outs simultaneously. We continue to develop tools that make it easier for high growth businesses like Carousell to scale online,” said Piruze Sabuncu, Stripe’s head of Southeast Asia and Hong Kong.
CarouPay is available to Carousell users on iOS and Android mobile devices and will be fully integrated into the desktop version by July 2018.