Carousell All Set to Launch Its Own Digital Wallet for Improving User Payments
One of the major criticisms that Carousell mostly faced was that it used to lack a properly integrated payment system. As per the analysts, the inability to finalize purchases in-platform might end up negatively affecting the trust of the users in the given portal.
At Tech in Asia conference recently, the CEO & Co-Founder Quek Siu Rui answered the critics by unfolding “CarouPay”. Due to its launching in Singapore next month, CarouPy by Carousell is aimed at allowing the sellers & buyers to complete the transactions without having the need to leave the Carousell app. This allows them to not rely on third parties anymore for completing the transactions for availing products & services offered by Carousell.
CarouPay by Carousell will serve as a digital wallet within the Carousell app. Quek was seen claiming that most of the sellers will now end up buying the items from the e-commerce portal as well. Therefore, it would make sense having that money in the digital wallet for purchases. The escrow function of the wallet, which is responsible for holding the money from a particular transaction until the clearance of the sale by both the involved parties, tends to be a major step towards building trust and immense convenience on the online platform.
Coursell is currently working with payment partners across Southeast Asia towards implementing the digital wallet. Quek observes Caroupay as more than one feature for making transactions on the Carousell app faster & easier for the end users. Therefore, CarouPay will not serve to be a general purpose payment gateway outside the app –at least for the current time. The “closed-loop” nature of the CarouPay digital wallet will help Carousell in getting more control over the transactions happening around in the platform.