ShopeePay

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.

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

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

• Digital wallet payments
• QRIS payment platform
• Buy now pay later
• Payment gateway services
• Consumer cash lending

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core 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

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• HitPaycoreChannel Partner/ Reseller/ Distributor · 19 March 2026ShopeePay 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 MalaysiacoreStrategic or Co-development Partner · 10 February 2026Zurich 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 PaycoreTechnology or Integration · 17 November 2025ShopeePay 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 BankflagshipStrategic or Co-development Partner · 10 December 2024Standard 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.
• SeaBankcoreTechnology or IntegrationSeaBank 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)coreTechnology or IntegrationShopeePay 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 IndomaretminorChannel Partner/ Reseller/ DistributorPartnership 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

Direct 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

• Xx.com/ShopeePay_ID
• Facebookfacebook.com/shopeepayid/?locale=id_ID
• Instagraminstagram.com/shopeepay_id
• TikToktiktok.com/@shopeepay_id

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ShopeePay