After receiving fresh capital in its latest funding round, mobile listings startup Carousell is launching a digital wallet that will enable users to complete transactions without leaving the app, co-founder and chief executive Quek Siu Rui revealed at the Tech in Asia Singapore 2018 on Tuesday.
The Singapore-based classifieds platform recently closed a US$85 million Series C funding, which was led by Japan’s Rakuten Ventures and EDBI, an investment arm of Singapore’s Economic Development Board.
With the new funds, Carousell is launching its in-app digital wallet called CarouPay in Singapore next month, with plans to make the service available in all its seven markets.
The new feature allows buyers and sellers to complete transactions without leaving the Carousell app, instead of having to rely on third-party platforms or doing meet-ups to hand over cash, Tech in Asia reports.
Quek told Tech in Asia: “More than half of our sellers will end up buying items as well, so maybe it makes sense to have that money in the wallet for purchases.”
“It’s going to be integrating one-tap payments. You can pay with credit cards, you can pay with our wallet partners … You can pay with peace of mind, you can ship with peace of mind,” Quek explained.
CarouPay aims “to make transactions on the app faster and easier for users”, Quek said, although he did not say if it will become a general purpose payment method outside the app.
At the Tech in Asia conference, Quek said the company is working with payment partners around Southeast Asia to launch the digital wallet.
He declined to reveal his partners in the wallet business, although DBS Bank is likely to be one of them.
Singapore’s largest bank participated in Carousell’s latest funding round. It said it will be working with Carousell as a strategic partner to offer “financial products and payment services on Carousell’s platforms”.
As a leading classifieds marketplace in the region, Carousell focuses on consumer-to-consumer business, allowing users to sell unwanted items to each other, with more than 144 million listings and 50 million items sold, the company said.
Carousell is not alone in tapping the potential of the internet and payments technology in the highly-populated Southeast Asia market.
Gaming hardware maker Razer announced last month a deal to acquire MOL, a company that offers online and offline payments. The company said it will launch its RazerPay e-wallet later this year, which will be linked with Dash e-wallet, run by Singapore Telecommunications (Singtel), to create an interoperable network in the region.
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