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Shopee reigns over Indonesia’s e-wallet market with price cuts, good looks
ShopeePay has captured the majority of Indonesia’s digital wallet market share by going on the price offensive.
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Phone wallet: An employee serves a buyer paying with the ShopeePay online payment app at a McDonald’s drive-through in Salemba, Jakarta, on Tuesday. (JP/Dhoni Setiawan)
D
espite being a new player in the country’s digital payment scene, ShopeePay, the e-wallet arm of online marketplace Shopee, has become a market leader amid the e-commerce boom during the pandemic.
Established in 2018, it has captured the majority of Indonesia’s digital wallet market share by being on the price offensive, in the form of vigorous discounts and cashback offers.
ShopeePay had the highest user penetration at 68 percent, outperforming other e-wallets such as OVO (62 percent), DANA (54 percent), GoPay (53 percent) and LinkAja (23 percent), according to a survey by a market research firm NeuroSensum that took place from November 2020 to January this year.
GoPay and OVO have been in the market since 2016 and 2017, respectively.
“As a newcomer, ShopeePay rapidly became users’ favorite digital payment solution. This makes ShopeePay a strong contender among other e-wallets in the market,” said Neurosensum Indonesia research manager Tika Widyaningtyas.
She went on to say that ShopeePay’s success was due to the platform’s smart user experience and interface, its simplicity of use and the boost of “appetizing promotions” for both online and offline consumers.
The pandemic has accelerated e-commerce and contactless payment in the country. With limited physical contact and mobility, more people have opted for online transactions, from shopping to paying bills.
