​ShopeePay drives Thailand’s digital payment adoption forward

• ShopeePay commits to accelerate digital payment ecosystem
• Increase in digital payment adoption among youth and those above 50 

SHOPEEPAY has announced its commitment for the second half of 2021 and is aimed at driving a fully-integrated digital payment forward in Thailand, with the objective of leveraging technology to raise quality of life. 

In a statement, it said that digital services have continued to grow rapidly and ​is dDriven by the third wave of Covid-19 pandemic. This includes digital money transfer where consumer preferences are tuned to online shopping.

According to Kasikorn Research Center, at least 53.9% of Thai consumers use digital payments.

The firm foresees continued growth in mobile wallet transactions in 2021, rising 15.8% to 18%, compared to 8.7% growth in 2020 or a 9.9% improved performance year-on-year, it said.

The increase in digital payments in Thailand not only involves the young tech-savvy generation but also those over 50 years old who make digital payments for services, it said.

“Digital payments are a vital part of the growing digital economy. For this, ShopeePay is committed to ensuring that Thais receive exceptional payment experiences so they can embrace the cashless society,” said Supawit Hongamornsin, director of ShoeePay (Thailand) Co, Ltd.

“As adoption for digital payments continues to grow, we aim to build a sustainable ecosystem and strengthen our offerings for users, to help them integrate digital payments into their daily life.”

ShopeePay’s three key commitments to meeting the needs of Thai consumers include building a long-term sustainable ecosystem with greater inclusion; widening its merchant network for online, offline commerce; and compliance with national  policy to drive the digital economy forward.

The firm said with e-commerce being one of the top use cases for mobile wallets, ShopeePay is focused on driving digital payments throughout the Shopee ecosystem by reaching more users and strengthening its mobile wallet offerings and rewarding users with benefits such as discounts, coin cashback and free shipping vouchers.

ShopeePay said it is committed to increase business growth through convenient payment channels and providing superior user experiences and work with merchants to deliver value on their payments.

Finally, it said that ShopeePay complies with the national policy to support shops and other business owners to embrace the cashless society effectively.