Carousell, one of the world’s largest and fastest growing classifieds marketplaces, today launches CarouPay. CarouPay is the company’s first integrated payment system for users to buy and sell more conveniently and with greater assurance. The feature is developed in partnership with leading financial institutions DBS, Stripe and Visa.
Carousellers are now able to pay directly within the app using DBS PayLah!, credit or debit cards. With tens of thousands of transactions happening on Carousell every day, CarouPay is expected to enhance the user experience for today’s consumers who value safer, easier and faster buying and selling on mobile.
How to use CarouPay
CarouPay is designed to enhance Carousell’s core buying and selling experience. Sellers can enable CarouPay as a payment option when listing their items, reaching more buyers who prefer to transact online. 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, 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. Carousellers who prefer to meet up can still continue to do so for physical inspection of items or simply to swap stories and build friendships.
CarouPay improves the Carousell experience in three ways:
- When a buyer makes a purchase via CarouPay, Carousell holds the payment and first verifies the transaction before cashing out to sellers. This gives assurance to both seller and buyer in case of dispute.
- As an additional layer of protection, users who do not receive their item as described, or do not receive their tracked mail can raise an issue with the seller or escalate it to Carousell. Funds will be held by Carousell until a resolution is met.
- For orders fulfilled via SingPost’s SmartPacs and registered mail, a live delivery status will also be available and updated in-app on Carousell so both parties can track where the item is.
More than 70,000 listings have been enabled with CarouPay today.
In celebration of the launch, Carousell users can enjoy greater savings when using CarouPay. Buyers can take S$5 off their first CarouPay purchase via DBS PayLah! using the promo code ‘TAKE5LAH’, when they spend a minimum of S$20 by 19 July. For DBS and POSB cardholders and DBS PayLah! users, payment fees will be waived.
CarouPay is now available to Carousell users in Singapore on iOS and Android mobile devices. The in-app payment feature will be fully integrated into the desktop version by July 2018. To learn more, please click here.