Online retail site Carousell has started its long-awaited mobile payment service that will make it easier for buyers to pay sellers.
CarouPay, as it is called, lets buyers pay sellers without using third-party fund transfer platforms or meet-ups.
The payment system was developed in partnership with DBS, Visa and payments technology company Stripe.
With CarouPay, buyers will now be able to pay sellers directly within the app using DBS PayLah!, the bank's mobile wallet, or credit and debit cards.
It is understood that the cards are not limited to those issued by DBS/POSB, even though DBS is a partner of Carousell.
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 yesterday. "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 on to the funds until they have received the item as expected."
Once verified, sellers will be able to receive payments from Carousell directly into their bank accounts or immediately on their Visa debit cards using Stripe's Instant Payouts feature. Carousellers who prefer to meet up can still continue to do so to physically inspect their items.
Carousell announced in May it had raised US$85 million (S$115 million) in Series C funding with DBS joining as a new investor.