Despite being a new player in Indonesia’s digital payment field, ShopeePay, the e-wallet arm of online marketplace Shopee, has become a market leader amid the e-commerce boom during the COVID-19 pandemic.
Jakarta (VNA) – Despite being a new player in Indonesia’s digital payment field,ShopeePay, the e-wallet arm of online marketplace Shopee, has become a marketleader amid the e-commerce boom during the COVID-19 pandemic.
Establishedin 2018, it has captured the majority of Indonesia’s digital wallet marketshare by being on the price offensive, in the form of vigorous discounts andcashback offers.
ShopeePayhad the highest user penetration at 68 percent, outperforming other e-walletssuch as OVO (62 percent), DANA (54 percent), GoPay (53 percent) and LinkAja (23percent), according to a survey by a market research firm NeuroSensum, whichwas conducted from November 2020 to January this year. GoPay and OVO have been presentin the Indonesian market since 2016 and 2017, respectively.
Asa newcomer, ShopeePay rapidly became users’ favourite digital payment solution,said Neurosensum Indonesia research manager Tika Widyaningtyas. This makes ShopeePaya strong contender among other e-wallets in the market, she added.
Shewent on to say that ShopeePay’s success was due to the platform’s smart userexperience and interface, its simplicity of use and the boost of “appetisingpromotions” for both online and offline consumers.
Thepandemic has accelerated e-commerce and contactless payment in the country.With limited physical contact and mobility, more people have opted for onlinetransactions, from shopping to paying bills.
RedseerSoutheast Asia recorded growth from 75 million to 85 million online shoppersduring the pandemic, with Indonesia’s gross merchandise value (GMV) for 2020estimated at 40 billion USD, the third-highest in the world.
BankIndonesia (BI) has projected record double-digit growth in digital transactionsthis year, with a notable acceleration of digital banking and e-commercetransactions.
Thevalue of e-commerce transactions is projected to grow by 33.2 percentyear-on-year to 337 trillion IDR (24 billion USD) this year from an estimated 253trillion IDR in 2020./.
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ShopeePay leads Indonesia’s e-wallet market 
