CAROUSELL, which operates an online marketplace, on Wednesday announced the launch of its long-awaited mobile payment service, CarouPay, which will allow users to make payments to sellers without using third-party fund transfer platforms or meet-ups.
An "integrated payment system", CarouPay is developed in partnership with three players: DBS, Stripe and Visa.
With CarouPay, buyers will now be able to pay sellers directly within the app using DBS PayLah! (DBS's mobile wallet) or credit and debit cards.
The Business Times has learnt that the credit and debit cards are not limited to those issued by DBS/POSB, even as DBS is a partner of Carousell, a development that BT reported in May.
To use CarouPay, sellers must first enable the service as a payment option when listing their items. This allows them to reach more buyers who prefer to transact online, said Carousell.
"They can also deal more confidently on the marketplace with the commitment from buyers. Buyers now also transact with greater peace of mind, as CarouPay will hold onto the funds until they have received the item as expected."
The flow of pay-ins and pay-outs is powered by Stripe Connect, payments technology company Stripe’s solution for multi-sided marketplaces and platforms. Once verified, sellers will be able to receive their payments from Carousell directly into their bank accounts or immediately on their Visa debit cards using Stripe's Instant Payouts feature. Stripe is based in San Francisco and has a presence in Singapore.
Carousellers who prefer to meet up can still continue to do so to physically inspect their items or simply to swap stories and build friendships, the homegrown mobile marketplace company said.
In May, Carousell announced that it has raised US$85 million in Series C funding with DBS joining as a new investor.