Shopee’s e-wallet outperforms competitors in Indonesia, says survey

ShopeePay, Shopee‘s official in-app digital wallet service, has outperformed competing platforms during the last three months, the Jakarta Post reported, citing a recent survey from consulting firm MarkPlus.

Photo credit: Shopee

According to the study, which asked 502 smartphone users, ShopeePay captured 26% of Indonesia’s e-wallet market as Covid-19 drove up consumer spending on ecommerce platforms. The Shopee arm outperformed the likes of Grab-linked Ovo (24%), Gojek’s GoPay (23%), Dana (19%), and LinkAja (8%).

In addition, the survey also showed that people on average spent more with ShopeePay. It had an average transaction price of 149,000 rupiah (US$10.07), while people spent 134,000 rupiah (US$9.05) on Ovo, Dana, and LinkAja and 109,000 (US$7.36) on GoPay per transaction.

“Respondents said ShopeePay offered more attractive discounts than other e-wallets. It was also considered the easiest to use,” Rhesa Dwi Prabowo, MarkPlus’ high tech, property, and consumer goods industry head, said in an online press event held last August 2.

Tech in Asia has reached out to Ovo and Gojek for comments on the matter.

The development follows Southeast Asian internet giant Sea, the operator of Shopee, nearly doubling its Q2 revenue to US$1.29 billion year on year on the back of the continued growth of its ecommerce segment.

According to Sea’s most recent earnings report, Shopee was able to log a 187.7% growth in revenue year on year to US$510.6 million. At the same time, the company also said that its digital financial services unit SeaMoney saw increased adoption as it sees deeper integrations with Shopee.

Services that operate under SeaMoney include ShopeePay, ShopeePayLater, and AirPay, among other brands.

Sea said total payment volumes for SeaMoney exceeded US$1.6 billion in the second quarter of 2020. The company also noted that over 45% of Shopee’s gross orders in Indonesia, the online shopping platform’s largest market, were paid using SeaMoney.