Whillet launches payment platform Carment

Friday 10 November 2023 11:20 CET | News

Embedded finance startup Whillet has partnered with Visa to launch instant payment platform Carment for the US used car market, enabled by Visa Direct.


Visa Direct serves as a centralised gateway to numerous endpoints, augmenting the worldwide flow of money by expediting the transfer of funds to qualifying cards, bank accounts, and wallets globally. Whillet's Carment Instant Payment Platform leverages Visa Direct's instantaneous payment features, aiming to enhance the security and flexibility of used car transactions. This ensures prompt disbursement of funds to sellers through eligible cards, promoting a swift and secure post-transaction financial process.

Whillet has partnered with Visa to launch instant payment platform Carment for the US used car market, enabled by Visa Direct.

Revolutionising payment processes in the used car market

Through this collaboration, Whillet will offer solutions to improve payment processes procedures in the used car market. With Carment's integration into car dealerships' existing Dealer Management Systems (DMS) and round-the-clock payment support, the platform is set to provide value in the automotive sector.

Representatives from Whillet stated that Carment is designed to offer a smooth and effective payment experience within the annual used car market, encompassing 35.7 million sales. The standout feature of Carment is its ability to transfer funds in real-time, enhancing the overall efficiency of transactions. It will offer car dealerships the ability to move money between accounts in real time and reduce time-related costs. Such immediacy addresses the evolving demands of the market where consumers seek rapid results, and time is critical, often with the payment transaction gap stretching by 2-5 business days.

Also commenting in this partnership, Visa’s officials said that sellers and consumers now demand faster, more reliable payments in nearly all aspects of life and car sales should be no different. Through this collaboration with Whillet, they’re happy to help change the money movement game in the car dealership space and disburse funds quickly and securely with Visa Direct.

What does Whillet do?

Located in Silicon Valley, CA, Whillet focuses on fintech innovation, crafting advanced payment solutions tailored to the automotive industry's unique needs. Through its relationships and dedication to improvement, Whillet is geared towards enhancing transaction speed, security, and customer satisfaction.

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Keywords: Visa, real-time payments, fintech, product launch, instant payments
Categories: Payments & Commerce
Companies: Visa, Whillet
Countries: United States
This article is part of category

Payments & Commerce




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