This followed the bank’s participation in Carousell’s US$85m funding round.
DBS will be developing and operating the integrated payment system of Singapore e-commerce firm Carousell called CarouPay.
“Following feedback from our user community, we found that the payment experience is one of the limitations around buying and selling today,” Carousell said. “Much like all of the product updates and features we embark on, we want to make sure we prioritise the development of features that will be beneficial for the majority of Carousell users.”
This followed DBS’ participation in Carousell’s latest Series C fundraising round, which raised a total of US$85m from multiple investors. It previously said in an announcement that the two of them will be collaborating to offer financial products and payment services on Carousell’s platforms.
“Ubiquity in payments is key and it’s a strategy that DBS has been pursuing for the last few years, “ a DBS spokesperson told Singapore Business Review. “We have more than 60,000 offline points of service where our payment methods can be used in Singapore and have been actively growing our online presence as well.”
DBS also has its own mobile wallet called PayLah!. The spokesperson added that “a significant portion” of Carousell users are using DBS PayLah! to transact with each other. “We are supportive of Caroupay and will work with Carousell to find ways to make the checkout process more seamless.”
DBS Group CEO Piyush Gupta also previously said, “We’re stepping up our participation in ecosystems, improving the customer journey and using data to inform our offerings. The investment in Carousell further builds on that. As a strategic partner to Carousell, we can leverage on Carousell’s platforms to connect to its community both inside and outside of Singapore, and strengthen our next-generation proposition jointly with Carousell.”
Do you know more about this story? Contact us anonymously through this link.