iPay88 Marked 600% Increase in E-Wallet Transactions in 2020, Integrates With ShopeePay
by Fintech News Malaysia March 11, 2021Payment gateway solutions provider iPay88 registered 4.1 million e-wallet transactions via its network last year, marking a growth of six-fold compared to 2019.
iPay88 started providing the gateway solutions service in 2000. Via their gateway, payment transactions were enabled to include different modes of online payment such as e-wallets, credit cards, debit cards and bank transfers.
The pandemic has accelerated the digitalisation of Malaysia where online touch points jumped by 30% in 2020, to over 37,000 as more merchants shifted their businesses online.
iPay88 added that it has strengthened its partnership with Shopee by integrating the e-commerce platform’s mobile wallet, ShopeePay as an option within its payment gateway solution.
With the integration of ShopeePay, both online and offline merchants in their network have access to an additional payment option.
Marking the beginning of this long-term collaboration, ShopeePay is now enabled as a payment option at online touch points.
The partnership seeks also to reward ShopeePay mobile wallet users purchasing from these online stores with cashback offerings.
Lim Kok Hing, Co-founder and Executive Director, iPay88 said,
Lim Kok Hing
“Not only were consumers pushed to go digital and adopt online shopping, cashless payments and food delivery services, we observed the same movement and behaviour amongst the local business community as more merchants enabled at least one online channel – whether it is to set up their own webstore or sell via a marketplace – to stay afloat.”
“E-wallets proved to be a fast and convenient mode of transaction, and as consumers familiarise themselves with the usage of e-wallets, they now tend to opt to pay with e-wallets both offline and online.”
Alain Yee
Alain Yee, Head of ShopeePay said,
“This collaboration better positions us towards becoming the mobile wallet of choice for all Malaysians. We recognise the massive opportunity to expand with iPay88 as e-wallets popularity has grown by leaps and bounds in the last 12 months.
More interestingly, the adoption of our e-wallet is not restricted to only the Klang Valley and major cities as we witnessed the highest user growth rate in Kelantan, Kedah and Perak.”
