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May 27, 2024

ShopeePay ramps up digitalization initiatives

ShopeePay continues to ramp up initiatives to boost the efforts of the Bangko Sentral ng Pilipinas (BSP) in achieving the goals under the country’s digital transformation journey.

Martin Yu, director at Shopee Philippines, said ShopeePay aims to continue helping more Filipinos access the benefits of digital payments and fulfill the mission to better the lives of individuals and businesses with financial services through technology.

“Consumer lifestyles have become more digital-first; with a preference to meet their needs online not just for shopping but also for other financial transactions such as sending money, buying load, paying bills, and more. Consumers have a wide range of payment needs and ShopeePay’s features aim to cater to a variety of different habits and preferences,” Yu said.

Since its launch in 2019, ShopeePay has booked a 95 percent increase in ShopeePay adoption in Visayas and Mindanao; a 93 percent increase in overall transactions; a 165 percent jump in load orders; the doubling of send money transactions; as well as the 550 percent surge in bills payment.

It has also created more than one million foot traffic for merchants through ShopeePay Near Me.

“We are heartened by the confidence and trust consumers and merchants have placed in ShopeePay. We will continue to improve and innovate so we can meet their evolving needs,” Yu added.

Under its Digital Payments Transformation Roadmap, the BSP aims to transform the Philippines into a cash-lite from a cash-heavy economy by shifting 50 percent of total retail transactions to electronic channels by 2023.

Estimates showed that the share of digital payments to total retail transactions in terms of volume reached 30 percent last year from 20.1 percent in 2020 and from only one percent in 2013.

The roadmap also aims to increase the number of Filipino adults with bank accounts to 70 percent by 2023. As of last year, the number of banked Filipino adults increased to 53 percent from 29 percent in 2019.