Neurosensum Highlights the Rising Popularity of Using ShopeePay

Neurosensum released the latest report regarding the adoption of electronic money during the period November 2020 to January 2021. This report was attended by 1.000 respondents with an age range of 19-45 years and ABC economy class in eight cities (Jabodetabek, non-Jabodetabek Java, and outside Java Island).

Managing Director Neurosensum Indonesia's Mahesh Agarwal said the Covid-19 pandemic had had a tremendous impact on the adoption of electronic money in Indonesia in the past year. He revealed that the adoption of electronic money was only 2% (more than 5 years ago), then increased to 10% (3-5 years ago), and rose significantly to 45% (1-3 years ago).

"Interestingly, the pandemic has boosted digital wallet adoption by 44% in less than a year. New adopters contributed greatly to the use of e-wallet during the pandemic," said Agarwal.

In addition, the extraordinary impact is also seen in online shopping activities when electronic money is the most used payment option (88%), followed by bank transfers (72%), and Cash on Delivery (47%) during the pandemic.

It is further highlighted that ShopeePay, which only appeared recently, began to shift the dominance of a number of players existing.

ShopeePay dominates the market in the last three months

Based on the survey, ShopeePay was recorded to dominate the electronic money market share during the November 2020-January 2021 period with a percentage of 68%. The second and subsequent positions are followed by OVO (62%), DANA (53%), GoPay (54%), and LinkAja (23%). In this finding, respondents were noted to use multiple e-wallets for different needs.

In terms of frequency of use, ShopeePay is also in the top position with a combined total of 14,4 transactions per month or 9 times (online) and 5,4 times (offline). OVO followed in second place with a total of 13,5 times per month or 8,1 times (online) and 5,4 times (offline). In third place, GoPay with a total of 13,1 times per month or 8 times (online) and 5,1 times (offline).

ShopeePay also dominates transactions in a number of product/service categories, including: makeover (60%), Skincare (58%), personal care (50%), and household equipment (47%). Meanwhile, OVO excels in transactions for the bill payment category (25%) and electronic (20%).

Source: Neurosensum Indonesia / Reprocessed by DailySocial

Respondents also rated ShopeePay as the easiest to use for online shopping with a percentage of 54% with the second position being filled by OVO (20%). Uniquely, DANA is in third place (14%), above GoPay (9%) and Link Aja (4%).

Research Manager Neurosensum Indonesia, Tika Widyaningtyas, assessed that there are a number of factors that drive ShopeePay's current position. According to him, ShopeePay is very popular because of its convenience to transact online. Compared to other players, ShopeePay is already integrated in Shopee. This means that users do not need to go back and forth to change applications

"Shopee intensively offers many ShopeePay promotions. We are aware that all digital wallet players are also doing the same thing, but ShopeePay promotions are more absorbed by consumers. Not only are there many, but the requirements for the promotion are also not too difficult. For example, minimum transactions are still affordable for consumers," said Tika.

This can also be seen from the survey findings where ShopeePay excels with a percentage of 41% as electronic money that provides offline and online promotions as well as satisfying promotional requirements. The next ranks are OVO (25%), GoPay (16%), DANA (14%), and LinkAja (4%).