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Shopee inks five-year partnership with Visa, to release co-branded credit cards

E-commerce platform Shopee just announced its collaboration with Visa to promote digital payment among consumers and enterprises.
Shopee inks five-year partnership with Visa, to release co-branded credit cards
Shopee and Visa joined forces to support consumers and MSMEs

Providing faster and more secured digital payments

By teaming up with Visa, Shopee aims to provide shoppers and merchant partners greater convenience and security. On the other hand, Visa will tap Shopee's wide user base to expand its presence in Southeast Asia. Chief Operating Officer Terence Pang noted,

Shopee continually strengthens our ecosystem to be an enabler for MSMEs to leverage technology to grow their business. We are looking forward to working closely with Visa to leverage their extensive and secure network to make it easier for sellers to digitalize, particularly in tier-two cities and rural areas. Our shoppers will also benefit from a more convenient and rewarding experience that will encourage purchases and spur the economy’s growth. We’re committed to being in Southeast Asia for Southeast Asia to unlock the transformative power of technology.

Head of Merchant Sales & Acquiring of Visa in Asia Pacific Neil Mumm also agreed in that sentiment. He said that the company is looking forward to work with Shopee to extend access to the digital economy for small businesses across Southeast Asia. Their expanded partnership will allegedly support the recovery of small businesses from the effect of the pandemic.

Both brands agree to provide incentives for MSMEs to digitalize their business on Shopee and enable digital payments via Visa. They will give support through marketing and campaigns that will drive awareness and sales to online shops.

In addition to that, Shopee and Visa are discussing with local banks to release co-branded credit cards. It means Shopee users will be able to have fast, easy, and secure transactions through Visa. 

For example in Malaysia, the Maybank Shopee Credit Card was introduced in June 2020. After the first few days of its launch, it already got a warm response from Malaysian consumers.

The partnership will also see Shopee deepen its relationship with CyberSource, Visa’s full-service payment management platform. This was designed to support transaction processing and fraud detection and ensure a smooth and frictionless online shopping experience. 

What are your thoughts on this partnership?
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