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July 21, 2020

Shopee partners with JCB to boost payment options to online shoppers

By Shalini mani

Singapore-based e-commerce platform Shopee has forged a strategic partnership with Japanese payment brand JCB international to offer additional payment options to shoppers and merchants.

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As part of the partnership, JCB will offer year-round and seasonal discounts and an additional safe and secure payment method for shoppers, while Shopee will promote participating stores that support JCB.

The partnership is set to launch in Indonesia, Thailand and Vietnam this month, followed by Singapore and the Philippines in the coming months.

JCBI president and COO Yoshiki Kanekosaid: “JCB is proud to be working with Shopee, a market leader in e-commerce segment, as we further commit to supporting our customers in the fast-growing Southeast Asia region.

“In particular, as consumer shopping habits shift to online and businesses digitalise their activities, we want to be able to further cater to these evolving needs.”

According to a joint report by Google, Temasek and Bain & Company, the Southeast Asia internet economy has soared to $100bn last year, more than tripling in size over the last four years. The region’s internet economy is expected to grow to $300bn by 2025.

Commenting on the new development, Shopee COO Terence Pang said: “We are honoured to be a strategic business partner with JCB. As homegrown brands, both Shopee and JCB are deeply committed to supporting local Southeast Asian markets and businesses.

“This partnership further strengthens our ecosystem to enable brands and sellers in Southeast Asia to capture the opportunities in online commerce.”

Earlier this month JCB teamed up with MCB Bankroll out co-branded debit cards in Myanmar.

In May, the company partnered with technology startup accelerator TECHFUND to develop a blockchain-powered payment system.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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