Carousell, one of the largest online classifieds marketplaces in Singapore, has launched CarouPay. CarouPay integrates with the company’s rapidly growing classifieds platform to enable users to buy and sell more conveniently than ever.
With over 144 million listings, Carousell’s many transactions predominantly involve used or underused items and usually change hands between users in person. With the rising trend of online shopping, users have increasingly sought to deal by post and transfer funds by wire.
However, this causes issues when other users do not cooperate.
Developed in conjunction with DBS, Visa and Stripe, CarouPay brings greater peace of mind for Carousell’s many users. Transactions are supported by Stripe Connect, a solution for multi-sided marketplaces and platforms. Users have to be verified in order to receive payments instantaneously and directly to their bank accounts or Visa debit cards.
To avoid otherwise inevitable disputes, Carousell will first hold the payment and verify that the transaction has been successful before transferring the money. This applies for deals via mail. Buyers who fail to successfully receive items via registered mail, or fail to receive them in an acceptable condition can raise a dispute with Carousell withholding the transaction in the interim.
An in-app integration with SingPost’s SmartPacs further ensures that buyers’ peace of mind by providing live delivery status updates to both parties.
With the expansion of these conveniences beyond business-to-customers e-commerce and providing a holistic experience in user-to-user transactions, Carousell adds one more to its list of innovations. The platform has also initiated AI-driven features like Smart Listings, which provides a personalised feed of products and listings on the app for each user.
In celebration of the launch, Carousell users can enjoy SGD5 off their first CarouPay transaction via DBS PayLah!, by using the promo code “TAKE5LAH” when they spend a minimum fo SGD20 by July 19.
Payment fees for DBS PayLah! users, along with DBS and POSB cardholders will also be waived.