Shopee Malaysia will stop withdrawing money to banks through ShopeePay

According to the Shopee Malaysia Help Center, the withdrawal function of ShopeePay will be discontinued from October 14, 2022. From now on, users of Shopee Malaysia will have about 5 days to transfer funds from ShopeePay to their bank accounts.

ShopeePay is a feature launched by Shopee Malaysia in 2019, initially to enable consumers to pay for purchases on Shopee instantly, especially during the popular midnight sales.

The e-wallet’s reach has since expanded further into physical stores, and earlier this year it was also chosen as one of the official e-wallets for the ePemula initiative.

In addition to the payment function, another feature of ShopeePay is the ability to withdraw wallet balance directly to one’s bank account. The feature is only available to users with ShopeePay Premium accounts obtained by verifying their MyKad. The withdrawal process does not happen instantly and it takes about one to three business days to complete the transfer.

It should be noted that the withdrawal function of ShopeePay will be suspended indefinitely later this month. Shopee Malaysia site will deactivate this function to reduce the risk of funds being transferred to unauthorized accounts.

However, the disabling of the withdrawal function does not mean that ShopeePay has completely lost its ability to transfer funds. Users can transfer funds from their ShopeePay wallets to other Malaysian banks and e-wallets that have joined the DuitNow ecosystem through the DuitNow transfer option.

Shopee recently announced the official launch of the 10.10 Super Brand Festival. Shopee will work with a large number of brands in Shopee Mall to provide consumers with goods and services, further helping domestic brands seize opportunities to go global.

It is understood that Shopee built an exclusive traffic entrance through the brand mall Shopee Mall in 2017, and launched the 10.10 Super Brand Festival in 2018 to create more opportunities for brands to directly reach consumers. In 2021, the number of users who shopped at least once a month on Shopee Mall increased to 8 times that of the pre-epidemic period.

Shopee has held the 10.10 Super Brand Festival for five consecutive years. Many cross-border brands have also made preparations in advance this year and will leverage the traffic advantages of the big promotion to open up the market.