Shopee says online payments surged 4x due to pandemic

ABS-CBN News

Posted at Jul 15 2021 12:23 PM | Updated as of Jul 15 2021 03:18 PM

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MANILA - The pandemic-induced shift in consumer behavior in the Philippines resulted in e-commerce growth as well as a surge in online payments, Shopee Philippines Director Martin Yu said Thursday.

In fact, the number of transactions completed using e-wallets and Shopee Pay grew fourfold in 2020, Yu told ANC. 

Aside from electronics, fashion and essential items, home improvement products have become popular for Filipinos forced to spend more time at home due to COVID-19, he said.

Filipinos are likely to continue patronizing online sale events even if brick and mortar stores continue to gradually reopen as e-commerce platforms offer exclusive deals and attractive discounts, he said.

The Bangko Sentral ng Pilipinas earlier said digital payments, such as PesoNet and InstaPay, accelerated due to COVID-19. The BSP aims to convert at least 50 percent of transactions online by 2023.