Shopee strategic partnership with Visa for digital payments
The partnership would encourage greater participation of Shopee’s merchants and customers in Southeast Asia’s digital economy, which is a key component of accelerating the region’s overall economic growth.
The tie-up is also part of Shopee’s mission to better the lives of individuals and businesses through technology, which includes digital payments, the leading e-commerce platform in Southeast Asia and Taiwan said in a press statement today.
Its customers will now be able to pay with an ease of mind using Visa while enjoying additional promotions and rewards, giving them greater value, convenience and security, while the pact makes it easier for merchants to do business and increase their sales.
As for Visa, it will tap on Shopee’s extensive user base to expand its presence with Southeast Asia’s micro, small, and medium enterprises (MSMEs) and online shoppers.
With the strategic agreement, Shopee and Visa will be launching co-branded credit cards across selected markets in partnership with local banks over the next few months.
It will also offer shoppers integrated and seamless rewards and allow Visa to reach more local consumers.
According to Shopee, the Maybank Shopee Credit Card that was launched in June 2020, was well received by Malaysians with overwhelming response in the first few days of launch.
The partnership will also see Shopee deepen its relationship with CyberSource, Visa’s full-service payment management platform, to support transaction processing and fraud detection and ensure a smooth and frictionless online shopping experience.
Shopee chief operating officer Terence Pang said: “We continually strengthen our ecosystem to be an enabler for MSMEs to leverage technology to grow their business.
We are looking forward to working closely with Visa to leverage their extensive and secure network to make it easier for sellers to digitalise, particularly those in tier-two cities and rural areas.”
“Our shoppers will also benefit with a more convenient and rewarding experience that will encourage purchases and spur the growth of the economy. We’re committed to being in Southeast Asia to unlock the transformative power of technology,” added Pang.
Meanwhile, Visa head of merchant sales & acquiring Asia Pacific, Neil Mumm said, “When a small business goes digital, they’re plugged into a much broader commerce landscape.
Visa is working to help any business, regardless of their size or location, better attract and serve more local and global customers by getting enabled to accept digital payments in a safe and secure manner.
This is especially important in the wake of the Covid-19 pandemic, as consumers and businesses increasingly adopt touchless payments and online shopping.”
An elated Mumm added: “Visa is looking forward to working with Shopee to extend access to the digital economy for small businesses across Southeast Asia. Our expanded partnership with Shopee is one of the exciting ways Visa is supporting small businesses as they recover and look towards future growth.”
Shopee also stated that it would continue to leverage its key strengths to help buyers, sellers and brand partners make buying and selling online accessible for all.