Shopee official wallet supports US dollar payments in Vietnam

Shopee announced in early September that Shopee officially supports USD payment in Vietnam and provides 0-report USD payment service. You can activate it by finding Shopee official wallet in the finance section of the China Seller Center backend.

Currently, the Shopee official wallet does not support Vietnamese stores that bind payment currency as Vietnamese Dong.

Sellers can go to "One-stop official cross-border payment service-Shopee Official Wallet" to view more benefits such as free withdrawals from Shopee Official Wallet.

It is understood that "Shopee Official Wallet" is a one-stop official cross-border payment service launched by Shopee and third-party payment partners for Chinese cross-border sellers, providing Chinese cross-border sellers with convenient, preferential, safe and compliant payment services.

In terms of payment collection and withdrawal, for RMB withdrawals from domestic bank accounts, quick withdrawals/ordinary withdrawals can be initiated from 9:30 to 14:00 on working days, and sellers will enjoy an exchange rate that is better than the real-time spot purchase price of China's mainstream banks; on non-working days and after 14:00 on working days, the exchange rate used is the exchange rate provided by the cooperative bank, what you see is what you get, and there is no exchange loss.

For foreign currency withdrawals, the estimated amount the seller sees on the withdrawal page is the actual amount received.

In terms of security and compliance, the partners of Shopee's official wallet are licensed entities under Tencent, which strictly abide by applicable laws, regulations and regulatory requirements, have a strict data encryption system, and customer information will be strictly protected and will not be used for other commercial purposes.

On August 26, Shopee Singapore launched a new payment service, SpayLater, which allows buyers to “buy now and pay later” when purchasing goods.

After the store opens this service, if buyers use SPayLater payment service to purchase store products, they can choose to pay for the products in installments (1-3 months). However, the platform will still pay the seller the full amount of the product in one lump sum according to the specified payment time.

All active sellers on Shopee Singapore are eligible to join the program, but eligibility will be determined based on the compliance of the seller’s store.

In addition, the installment risk of the SPayLater payment service is borne by Shopee, and the full transaction amount purchased by the buyer will be released to the seller immediately after the order is completed.