ShopeePay is an e-wallet that allows users to pay for goods without requiring bank cards or cash. Shoppers can also use ShopeePay to buy items at a select number of offline merchants. To pay with ShopeePay, users simply choose it at the online checkout. They can now also use the e-wallet at some brick-and-mortar stores.
To top up ShopeePay, consumers transfer money from their bank account. Or, if they’re unbanked or simply don’t want to use a bank-transfer, they can top up at a participating convenience store or other outlet.
In the markets where ShopeePay is most active, e-wallets are a highly relevant e-commerce payment method. In Indonesia, for instance, consumers use e-wallets to pay for almost a third of all online purchases. In Singapore, that figure is 20%, in the Philippines also 20% — and so on.
The benefits of e-wallet support in Southeast Asia
- In Asia, e-wallets are already by far the most popular payment method in online transactions, with a massive 60% market share (PPRO).
- Consumers in the region love e-wallets, the market for which is set to grow by 311% between 2020 and 2025 (Bloomberg)
- In these four markets, there are almost 160 million unbanked consumers, many of whom are online and either do or could use e-wallets to shop with e-commerce merchants.
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