Southeast Asia is the fastest growing mobile wallet market in the world followed by Latin America. In fact, according to fintech Boku, it’s predicted that one in two people will use digital wallets by 2025.
This massive uptake was brought about by the snowballing use of smartphones and penetration of the Internet in rural areas. The same factors boosted eCommerce growth in the SEA region.
Of course, the consumers’ ongoing desire for convenience and speed will continue to fuel the development of digital wallets.
That said, eCommerce marketplaces like Lazada and Shopee made sure to launch their digital wallets: Lazada Wallet and ShopeePay.
In this article, we’ll explore everything you need to know about ShopeePay and Lazada Wallet as a retailer and the advantages it offers your online store.
What is ShopeePay?
ShopeePay is Shopee’s digital wallet where you can do online transactions like buying items from Shopee and other offline merchants, and also receive or transfer funds to your bank account.
How to set up Shopee Pay
Shopee pay is accessible using your Shopee App on mobile.
1. Log in to your account
2. On your homepage, you can see ShopeePay or
3. Click on the “Me” tab and then click ShopeePay.
It’s also very easy to activate:
Simply accept the ShopeePay account terms and conditions and then set up your PIN.
We highly recommend that you verify your account to ensure smoother transactions.
To verify your account you will need to submit a valid government-issued ID or any identification document.
Note: Additional documents may only be approved at Shopee’s discretion.
Go to the Me tab > ShopeePay > IC Verification > Then fill in the necessary details.
Shopee Balance for Shopee Sellers
Shopee Sellers who use ShopeePay will have exclusive access to Seller Balance.
Instead of going to your Shopee Wallet, all of your sales earnings will go to your Seller Balance. This makes it easier to track your revenue by separating your refunds from your income.
What is Lazada Wallet?
Lazada Wallet is like a mini bank account on the marketplace where you can keep credits to buy products and services. Basically, it functions like any other mobile wallet which you can use to pay for various things including utility bills or local store purchases.
How to set up Lazada Pay
1.Log into your Account
2. When using mobile, click on Account > Lazada Wallet. On the desktop, click here.
3. Click on Activate My Wallet
4. Enter your active mobile phone number.
5. Click on “Send Code” to receive a one-time SMS code.
6. Enter the pin code you receive
7. Click Verify Mobile Number.
Uses of Lazada wallet
Top-up funds Don’t Expire
Your Lazada Wallet Top-Up funds don’t expire. Now you can effortlessly withdraw your credit limit to your e-wallet anytime and wait for a sale. Or you can merge and save your funds to buy something of higher value in the future.
You no longer need to wait forever for refunds because Lazada will transfer your refund into your Lazada Wallet as soon as they receive and verify your order return or cancellation.
Take Benefit of The New Cut-Off Times
Requesting the cut-off for a BillEase voucher is 10 am. If you ask for a voucher after 10 am, you have to wait until the late afternoon of the following banking day before your voucher comes to your BillEase account.
If you compare it with the BillEase voucher, the Lazada Wallet has a much later cut-off time which is 4 pm.
Apply for Lazada Loans
Activate your Wallet to access Lazada Loans. You can purchase now and pay later online, thanks to different mobile loan providers that partnered with Lazada.
Advantages of ShopeePay and Lazada Wallet
Aside from convenience, here’s why you should patronize and promote the use of ShopeePay and Lazada Wallet as a seller:
1. Reduce cart abandonment
One of the biggest challenges when selling in marketplaces is cart abandonment. According to a recent study, an average of 74.52% of shoppers don’t proceed to pay for their items.
And one of the reasons why consumers don’t complete their purchases is the payment method. Either the online shop does not have the desired payment option or it offers no payment option at all aside from credit card and cash on deliveries.
With ShopeePay and Lazada Wallet, online shoppers won’t have to worry about payment transactions since they already have an online wallet inside the marketplace.
The best part is that Lazada and Shopee both provide coupons and discount vouchers for the customers to use with their wallets, which increases the chance for them to complete the purchase.
2. Reduce fraud and bogus buyers
Although marketplaces like Lazada and Shopee already take measures to ensure the safety and product guarantees of both sellers and buyers, fraud and scams still keep happening.
Here’s a common buyer fraud:
The buyer makes a purchase using a credit card or third-party payment. After they receive the product, they will report to the credit card company that there was a problem or sometimes fraud in the transaction. They will then request that the transaction should be canceled and the payment will be refunded.
Regardless of the type of fraud, usually, the seller is responsible for covering the costs. And this naturally affects your business’s income.
However, if the buyer uses ShopeePay and Lazada wallet, the platform will have all the resources it needs that will help investigate who’s scamming who.
3. Fosters customer loyalty
Customer loyalty is a product of a good customer experience. If the customer is happy and satisfied with the experience, it’s enough for them to come back.
While having a great selection, affordable prices, and an easy-to-use interface are important in online selling, it’s no longer enough.
Lazada and Shopee saw the surging importance of customer loyalty, so they made sure to provide everything they can to help buyers have a seamless shopping experience.And that includes optimizing payment options.
Of course, whatever is advantageous to the marketplace will also be advantageous to the vendors that sell there.
4. Encourage more shopping
A survey by Onbe, found that out of 1,000 consumers, 74% preferred digital payment methods over more conventional ones. Moreover, 65% of people think that digital payments are safer than cash, checks, or money orders.
Given that, it’s easy to see that providing the preferred payment methods encourages shoppers to spend more.
5. Increase conversion with promos and rebates
As mentioned earlier, online shoppers love rebates and promos. And Shopee and Lazada are big and generous on that too!
From time to time you’ll see campaigns that promote the use of ShopeePay and Lazada Wallet. Customers will get cashbacks or discounts if they pay through the digital payments provided by the platform.
You can take advantage of this campaign and ultimately increase your conversion rates.
Complete the touchless experience with Mobile Wallet
Digital payments and cashless transactions are now widely available and accepted in Southeast Asia, thus the importance of providing relevant payment methods is crucial.
The good news is that Lazada and Shopee have already established their own payment options. Of course, soon there will be more innovation and improvement as more competition is expected in the market.
So make sure that you’re up to date with your preferred online marketplace platform to make the most out of it as a seller.