SEA Ltd's e-commerce platform Shopee and Visa have struck a five-year regional and strategic partnership.
Through the tie-up, Shopee will be able to provide shoppers and merchants with greater value, convenience and security through Visa, making it easier to do business and increase sales, both parties said in a joint press statement on Thursday.
Meanwhile, Visa will tap Shopee's user base to expand its presence with South-east Asia's micro, small and medium enterprises (MSMEs) as well as online shoppers.
As part of the partnership, Shopee and Visa will incentivise MSMEs to digitalise their business on Shopee and adopt digital payments through Visa. They will also provide MSMEs with marketing and campaign support to drive awareness, traffic and sales to online stores.
Over the next few months, Shopee and Visa will launch co-branded credit cards across selected markets, in partnership with local banks. The Maybank Shopee Credit Card, launched in Malaysia in June 2020, was well received by Malaysians, both parties said.
In addition, the partnership will allow Shopee to deepen its relationship with CyberSource, Visa's full-service payment management platform. This is to support transaction processing and fraud detection, as well as ensure a smooth and frictionless shopping experience.
Shopee chief operating officer Terence Pang said: "We are looking forward to working closely with Visa to leverage their extensive and secure network to make it easier for sellers to digitalise, particularly those in Tier-2 cities and rural areas."
Visa head of merchant sales and acquiring, Asia-Pacific Neil Mumm said: "Our expanded partnership with Shopee is one of the exciting ways Visa is supporting small businesses as they recover and look towards future growth."