‘ShopeePay’ commits to drive digital payment adoption in Thailand
Following its rebrand earlier this year, today, ShopeePay announces its commitments for the second half of 2021, to drive digital payment adoption in Thailand and to better the lives of people through technology
The 3rd outbreak of the Covid-19 pandemic accelerated the adoption of digital services, including digital payments, as Thai consumers do more online shopping and seek a safer way to make payments when shopping in-store. According to the research from the Kasikorn Research Center, more than 53.9 percent of Thai consumers have an increased usage of digital payment during this period. On average, Thai consumers transferred money and paid for goods and services via mobile banking and mobile wallet around 19 times per week.
In addition, Kasikorn Research Center foresees the volume of mobile wallet transactions will grow by 15.8 - 18.0% in 2021, higher than in 2020 at 8.7 percent, and the value of mobile wallet transactions will grow by 15.5-17.7 percent, which reflects accelerating growth from 9.9 percent in 2020.
Moreover, the increasing number of users is not only from a new generation of tech-savvy consumers. Users above 50 years of age are also increasingly adopting ShopeePay, which is testament to its ease of use, given users in this group typically find it harder to adapt to digital payments. This shows Thais’ shopping and payments habits are moving towards digital. ShopeePay will continue to build an integrated ecosystem to bring a convenient and rewarding payment experience for all users.
Supawit Hongamornsin, Director of ShopeePay (Thailand) Co., Ltd. said that “Digital payments are a vital part of the growing digital economy. ShopeePay want to ensure greater inclusion for Thai consumers and promote a cashless society by constantly strengthening our integrated ecosystem. As the adoption of digital payments continues to grow, we aim to build a sustainable long-term ecosystem and strengthen our offerings for users, helping them integrate digital payments into their daily life.''
ShopeePay is committed to continue creating value for both users and merchants and operate in accordance with the Thai government policy to drive the digital economy forward.
1. Build a long-term sustainable ecosystem and greater inclusion
- E-commerce will accelerate the adoption of digital payments and promote a robust digital economy. With e-commerce being one of the top use cases for mobile wallets, ShopeePay will drive the adoption of digital payments through the Shopee ecosystem by reaching more users and strengthening our mobile wallet offerings.
- Bringing consumers a seamless, convenient and secure digital payment experience, along with attractive benefits including discounts, Shopee Coins Cashback and Free Shipping vouchers. We will also continue to roll out new features, such as 'ShopeePay Vouchers', through which users can enjoy discounts by purchasing vouchers on Shopee and scanning them at several top merchants across the country.
2. Widen our merchant network to provide frictionless commerce both online and offline
- ShopeePay aims to enable businesses to build long-term growth by offering a more seamless and cost-effective method of receiving payments.
- Partner merchants can leverage Shopee’s extensive online user base to generate more offline traffic. This includes new types of service providers such as bills, insurance, and many other offline merchants nationwide.
- ShopeePay strives to provide the best experience for users and works closely with merchants to offer exclusive deals and greater value on their payments. Users can also enjoy a seamless ShopeePay across a range of different industries of offline and online merchants including in Retail, Bank, Gas station, F&B and more.
3. Operate in accordance with the Thai government policy to drive the digital economy forward
- The Thai government is advocating for a cashless society through various initiatives such as Mobile Wallet application which is one of the important tools to drive the cashless society policy together with the increased preference for contactless payments which means that businesses have to become more innovative with their new payment mechanisms. As a leading mobile wallet, ShopeePay will operate in accordance with the government to support merchants and businesses to efficiently move towards a cashless society.
“ShopeePay continues to provide a convenient and efficient digital payments experience for Thai users through a seamless, secure and rewarding experience, with exclusive privileges from various business partners and merchants. We are committed to improving people's quality of lives through technology while supporting the sustainable growth of the digital society.” Supawit concluded.
Singapore, IMF, and World Bank join efforts to create Central Bank Digital Currency29 June 2021
Toilet at South Korean University turns poop into energy & virtual currency10 July 2021
Space Race 2.0? Richard Branson announces he will fly to space before Bezos02 July 2021
The Future of Education in Southeast Asia05 July 2021