Shopee’s e-wallet, ShopeePay, has (finally) unlocked the ability to top up funds via debit and credit cards. This feature is now rolling out to all Shopee app users.
When it was first launched in July 2019, ShopeePay was quite limited in scope. You could only use it to purchase items in Shopee within the wallet’s limits (RM500 for Basic, RM1,500 for Premium), and more importantly, wallet fund top-ups were only available via online banking via FPX. But, it helped users easily purchase items immediately, without having to key in TACs like credit cards and thus speeding up the process.
To encourage ShopeePay adoption, Shopee began limiting its 11.11 and 12.12 campaign vouchers (which offer generous Shopee Coins cashback) only for ShopeePay users. It looks like this wasn’t enough to convert more users to use ShopeePay, as late last month the company tweaked the terms and conditions of the service to include debit and credit card reloads, before finally rolling it out in the last few days.
For now, it is likely that ShopeePay top-ups will not have the same MCC code as Shopee’s marketplace (and therefore be considered “online” transactions). Our top-up using BigPay (which reveals the transaction category in the app) shows that ShopeePay top ups are categorised as “Financial Services”. So no, it looks like you won’t get cashback for topping up ShopeePay on most credit cards.
That being said, allowing credit card top ups makes ShopeePay on par with its closest competitor, Lazada Wallet. The ability to withdraw funds, which is present in ShopeePay Premium Wallet with little restriction, is available for Lazada Wallet under strict conditions (only for refunded purchases). However, with a maximum wallet size of just RM1,500 (vs RM4,999 in Lazada Wallet), you won’t be able to purchase big-ticket items with ShopeePay.