ShopeePay
ShopeePay is a Bank Indonesia-licensed digital wallet operated by PT AirPay International Indonesia under Sea Group, serving millions of Indonesian consumers and merchants with QRIS payments, BNPL, cash loans, savings, insurance, and cross-border payment services across Southeast Asia.
- Company typePrivate
- Founded2018
- HeadquartersJakarta, Indonesia
- Headcount—
- GTM typeB2B and B2C
- OfferingServices
What ShopeePay does
ShopeePay is a Bank Indonesia-licensed digital wallet and payment platform operated by PT AirPay International Indonesia, a subsidiary of Sea Group (Sea Limited, NYSE: SE). Originating in 2018 as the embedded payment method inside the Shopee e-commerce app, ShopeePay has expanded into a multi-vertical financial services platform offering QRIS payments at millions of Indonesian merchants, free interbank and inter-wallet transfers under the 'Pasti Gratis' campaign, online payments across 2,000+ websites and apps, and cross-border QRIS connectivity with Singapore, Malaysia, Thailand, and Japan. The platform is registered with Bank Indonesia for 1BI-FAST, QRIS (MPM, CPM, Crossborder), SNAP, Direct Debit, and Payment Gateway services, and is ISO 27001 certified for information security. API infrastructure uses OAuth 2.0 with HMAC-SHA-256/512 signature authentication across sandbox and production environments in six Southeast Asian markets.
The product portfolio extends well beyond payments. SPayLater (operated by PT Commerce Finance) provides 0% BNPL installments up to 24 months with credit limits up to Rp50 million, now co-developed with Standard Chartered Bank. SPinjam offers cash loans up to Rp100 million with daily interest from 0.07% and KTP-only onboarding. SeaBank integration enables account opening inside ShopeePay with up to 6% per annum daily interest accrual and no monthly admin fees. AirPay provides an enterprise payment gateway with documented API integration. Recent additions include Zurich Wallet Protection (insurance distribution in partnership with Zurich General Insurance Malaysia) and Weixin Pay cross-border access via China's CPG. The platform also distributes investment products with stated returns up to 12% per annum and lifestyle services such as food ordering, courier, and bill payment.
The business model is multi-stream: transaction-based fees on QRIS and AirPay gateway volume (despite MDR 0% headline pricing), interest income from SPayLater and SPinjam consumer credit, net interest spread from SeaBank deposits, recurring insurance and investment distribution fees, and merchant services. Customer segments are predominantly long-tail individual consumers and Indonesian SMEs, with selective enterprise integrations. Go-to-market is product-led via the Shopee ecosystem, supplemented by a multi-channel marketing approach (social, content, referral, financial literacy programs) and a B2B API-first sales motion for merchants and gateways. Geographic footprint spans Indonesia (HQ), Malaysia, Philippines, Singapore, Thailand, and Vietnam, with deeper monetization in Indonesia where the wallet originated and most consumer credit balances sit.
ShopeePay firmographics
Firmographics- Name
- ShopeePay
- Legal name
- PT AirPay International Indonesia
- Website
- https://shopeepay.co.id
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Short description
- ShopeePay is a Bank Indonesia-licensed digital wallet operated by PT AirPay International Indonesia under Sea Group, serving millions of Indonesian consumers and merchants with QRIS payments, BNPL, cash loans, savings, insurance, and cross-border payment services across Southeast Asia.
- Ownership category
- akta.pro rank
ShopeePay industry classification
Industry- Product category
- Digital Wallet and Mobile Payments
- NAICS
- Credit Card Issuing (52221), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- In-App / Online Checkout Wallets (FSAMAEAH)
- akta.pro secondary industries
- Merchant Cross-Border Collections (Pay-ins) & Local Payment Methods (FSAGAKAD), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), Merchant & Commercial Acquiring (POS/eCommerce acquiring for corporates) (FSABAIAH), QR Code Payments Wallets (FSAMAEAC)
Keywords
Where ShopeePay is headquartered
LocationHeadquarters
- HQ city
- Jakarta
- HQ country
- Indonesia
- HQ region
- Asia
Offices1 record
Markets served
ShopeePay business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure
Revenue model
- QRIS Merchant Discount Rate (MDR): Revenue from merchant discount rates on QRIS transactions. While ShopeePay offers MDR 0% for QRIS payments, the platform likely generates revenue through transaction volume and merchant services.
- SPayLater Installment Interest: Revenue generated from BNPL services through interest on installments. SPayLater allows 0% cicilan (installment) payments with extended tenors, generating revenue from merchant processing and consumer credit services.
- SPinjam Interest Income: Revenue from cash loan services (SPinjam) with daily interest rates starting from 0.07%. Provides loans up to Rp100,000,000 with tenors up to 24 months.
- AirPay Payment Gateway: Payment gateway services under AirPay brand providing end-to-end payment processing for merchants, supporting multiple payment methods through a single integration.
- Insurance Premium (Zurich Partnership): Revenue from insurance product distribution (Zurich Wallet Protection) in partnership with Zurich General Insurance Malaysia, with plans priced from RM1.40 per month.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | ShopeePay Digital Wallet - Free |
| Transaction based/ take rate | Monthly | SPayLater - 0% Installment |
| Subscription | Pay-as-you-go | SPinjam Cash Loan |
| Subscription | Pay-as-you-go | SeaBank Savings |
| Subscription | Monthly | Zurich Wallet Protection |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
ShopeePay product offering
Product offeringCore offering
ShopeePay is a digital wallet and payment platform operated by PT AirPay International Indonesia, offering QRIS-based in-store and online payments, free interbank and inter-wallet transfers, BNPL credit (SPayLater), cash loans (SPinjam), savings via SeaBank, insurance, investment products, and merchant payment acceptance services. The platform is licensed by Bank Indonesia as a Payment Service Provider Category I and supports consumer-to-consumer transfers, consumer-to-business payments, and B2B payment gateway integration through AirPay across Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Product overview
ShopeePay is a comprehensive digital financial services platform operated by PT AirPay International Indonesia under Sea Group. The platform operates as a unified ecosystem comprising the core ShopeePay digital wallet, supplemented by multiple integrated modules including SPayLater (BNPL service), SPinjam (cash lending), SeaBank integration (digital banking), insurance products, and AirPay payment gateway. The platform enables QRIS payments, fund transfers across banks and e-wallets, and online transactions. Users can access various financial services including investment products with returns up to 12% per year, lifestyle services, and insurance coverage. Licensed and regulated by Bank Indonesia as a Payment Service Provider Category I.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Free unlimited transfers to all banks and e-wallets under 'Pasti Gratis' campaign
- +4 more outcomes
Companies that use ShopeePay
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
ShopeePay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration17 records
Feature7 records
ShopeePay partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, flagship and minor.
- HitPaycoreShopeePay integrated with HitPay, one of the fastest-growing payment gateways for Philippine SMEs. The partnership enables millions of ShopeePay users to make payments at thousands of online and physical stores across the Philippines. The integration addresses fragmentation in the Philippines' digital payments market by consolidating ShopeePay into HitPay's gateway.
- Zurich General Insurance MalaysiacoreZurich and ShopeePay launched Zurich Wallet Protection, an online financial fraud protection product in Malaysia. The product offers coverage for unauthorized transfers, card misuse, phishing, impersonation scams, and online shopping fraud, with plans priced from RM1.40 per month. Basic Plan includes free first month trial, VIP Plan offers additional coverage.
- Tencent/Weixin PaycoreShopeePay is among over 40 digital wallets integrated with Weixin Pay through China's Cross-Border Interconnection Payment Gateway (CPG). This enables ShopeePay users to make payments in mainland China using their home wallets, supporting seamless cross-border payments.
- Standard Chartered BankflagshipStandard Chartered Bank announced strategic partnership with SeaMoney through PT Commerce Finance to develop BNPL (Buy Now Pay Later) services in Indonesia. This partnership supports the acceleration of digital payment ecosystem in Indonesia through innovative financing solutions.
- SeaBankcoreSeaBank integration allows users to open SeaBank accounts and link them with ShopeePay for instant QRIS payments and online transactions. SeaBank offers daily interest accrual up to 6% per annum with no monthly admin fees. Both are part of Sea Group ecosystem.
- Major Indonesian Banks (BCA, BNI, BRI, BSI, SeaBank, Mandiri)coreShopeePay partners with major Indonesian banks for fund transfer services. Users can transfer to any bank or e-wallet for free under the 'Pasti Gratis' campaign. Bank partnerships enable QRIS payments, virtual account top-ups, and cash withdrawal at bank ATMs and agents.
- Alfamart and IndomaretminorPartnership with Alfamart and Indomaret convenience stores for cash deposit, withdrawal, and balance top-up services. Users can add balance to ShopeePay at these retail locations without admin fees.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
ShopeePay competitors and assessment
Company assessmentDirect peers
- GrabPay (Grab Holdings): GrabPay is the digital wallet embedded in the Grab super-app across Southeast Asia, offering QR payments, online checkout, and merchant services. It is a direct regional peer to ShopeePay, particularly in Singapore, Malaysia, Thailand, Vietnam, and the Philippines.
- OVO: OVO is a major Indonesian digital wallet with deep QRIS and merchant payment coverage, originally backed by Lippo Group and Tokopedia. It competes directly with ShopeePay for Indonesian consumer wallet share and merchant acquiring relationships.
- DANA: DANA is an Indonesian digital wallet and QRIS payment platform. It competes head-to-head with ShopeePay in Indonesian consumer payments, transfers, and online checkout, with comparable freemium pricing and merchant onboarding models.
- GCash (Mynt / Globe Fintech Innovations): GCash is the leading Philippine digital wallet with QR, online checkout, and merchant acquiring. Operated by Mynt, a fintech joint venture of Globe Telecom, it competes with ShopeePay in the Philippines market and across broader Southeast Asian e-wallet use cases.
- Xendit: Xendit is a leading Southeast Asian payment gateway serving Indonesia, the Philippines, Vietnam, Malaysia, Thailand, and Singapore. It is a direct peer to ShopeePay's AirPay payment gateway business in terms of API-first merchant integration, multi-payment-method acceptance, and enterprise acquiring.
- TrueMoney (Ascend Money): TrueMoney is a Southeast Asian digital wallet and payment service operated by Ascend Money (CP Group). It is comparable to ShopeePay as a multi-country e-wallet with QR acceptance, online payment, and merchant services across Thailand, Vietnam, Indonesia, the Philippines, Myanmar, and Cambodia.
- GoPay (GoTo Group): GoPay is the leading Indonesian digital wallet and QRIS payment service, operated by GoTo Group alongside Gojek and Tokopedia. It is directly comparable to ShopeePay across consumer wallet, QRIS acceptance, online checkout, and merchant acquiring, competing for the same Indonesian user base.
Emerging players
- PayPay (Z Holdings / SoftBank): PayPay is Japan's dominant QR-code payment wallet, with similar freemium consumer incentives and merchant MDR structures. It is comparable to ShopeePay for the QR payments wallet business model, although it operates in a different geography and is embedded in the Yahoo Japan / SoftBank ecosystem rather than an SEA e-commerce platform.
- Paytm (One97 Communications): Paytm is a large Indian digital payments and financial services platform offering wallet, QR, payment gateway, BNPL, and lending products. It is comparable to ShopeePay across the full digital financial services stack in an emerging market, though it serves India rather than Southeast Asia.
Broad incumbents
- Alipay (Ant Group): Alipay is the global incumbent digital wallet and payment platform from Ant Group, with cross-border wallet interoperability across SEA. It is comparable to ShopeePay as a broad wallet/payment platform with extensive merchant acquiring, and ShopeePay's Weixin Pay cross-border integration aligns it with Alipay's regional acceptance network.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
ShopeePay social profiles
Digital presenceShopeePay compliance and trust
Trust signalCompliance4 records
ShopeePay financial estimates
Financial estimateRevenue estimate
Valuation estimate
ShopeePay leadership team
Management profileNumber of profiles
ShopeePay subsidiaries and ownership
Company hierarchySubsidiaries4 records
ShopeePay funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ShopeePay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ShopeePay
What does ShopeePay do?
ShopeePay is a digital wallet and payment platform operated by PT AirPay International Indonesia, offering QRIS-based in-store and online payments, free interbank and inter-wallet transfers, BNPL credit (SPayLater), cash loans (SPinjam), savings via SeaBank, insurance, investment products, and merchant payment acceptance services. The platform is licensed by Bank Indonesia as a Payment Service Provider Category I and supports consumer-to-consumer transfers, consumer-to-business payments, and B2B payment gateway integration through AirPay across Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Is ShopeePay a public or private company?
ShopeePay is a private company. It is classified as corporate owned and is currently operating.
When was ShopeePay founded?
ShopeePay was founded in 2018.
Where is ShopeePay based?
ShopeePay is headquartered in Jakarta, Indonesia, in the Asia region.
How does ShopeePay make money?
Five revenue lines are on record. QRIS Merchant Discount Rate (MDR) is the primary driver. The others are SPayLater Installment Interest, SPinjam Interest Income, airPay Payment Gateway and insurance Premium (Zurich Partnership).
Who are ShopeePay's main competitors?
Direct peers on record are GrabPay (Grab Holdings), OVO, DANA, GCash (Mynt / Globe Fintech Innovations), Xendit, TrueMoney (Ascend Money) and GoPay (GoTo Group). Emerging players are PayPay (Z Holdings / SoftBank) and Paytm (One97 Communications). Alipay (Ant Group) is listed as a broad incumbent.
Does ShopeePay have an API?
Yes. ShopeePay offers a comprehensive public API for merchants and partners to integrate payment services. The API supports multiple payment modes including Customer Presented Mode (CPM), Merchant Presented Mode (MPM), Checkout with ShopeePay, Account Linking, Link & Pay, Subscription, Auth & Capture, and Refund operations. Authentication uses OAuth 2.0 protocol with HMAC signature verification. API access requires onboarding credentials (Client ID, Client Secret, Public Key). Supported regions include Indonesia (ID), Malaysia (MY), Philippines (PH), Singapore (SG), Thailand (TH), and Vietnam (VN). Environments include sandbox/staging and production with specific domain endpoints per region. Developer documentation is at product.shopeepay.co.id/integration/api/customer-presented-mode.
What industry is ShopeePay in?
ShopeePay's product category is Digital Wallet and Mobile Payments. Its primary akta.pro industry code is FSAMAEAH, In-App / Online Checkout Wallets, with a secondary code of FSAGAKAD, Merchant Cross-Border Collections (Pay-ins) & Local Payment Methods. Its NAICS code is 52221 and its SIC code is 6199.