Lazada sellers please note! If you do not activate your wallet, order settlement will be affected

Lazada's Seller Wallet was officially launched in April this year. According to Lazada, the Seller Wallet has realized functions such as account status/bills/balance inquiry, payment collection and settlement, card binding, flexible cash withdrawal, and transaction data synchronization.

Lazada will settle payments for sellers on a weekly basis and will settle payments to the sellers’ wallets. Sellers can manually choose to withdraw cash to their other payment platforms at any time according to their needs. After the merchant initiates a withdrawal, it will generally take 48 hours to arrive (holidays will be postponed). It is understood that the four major payment platforms that cooperate with Lazada all support free withdrawals at least once a week.

Existing sellers need to activate their wallets themselves, while new sellers can activate their wallets as soon as they join. Each seller account only needs to activate one wallet. There are only a few days left before the deadline, so sellers who have not yet activated should pay attention.

Lazada said that there are two channels to activate the wallet, namely GSP and ASC. The GSP activation path is: GSP-Home-Profile-Payment provider, click "Opensellerwallet"; the ASC activation path is: ASC-Home-Finance-SellerWallet, click "ActivateSELLERWALLETNow". After the seller confirms that the information is correct, he can click Submit.

As for why the seller wallet was opened, Lazada said it was to ensure that the platform's collection and settlement services comply with the Payment Services Act (PSA) issued by the Monetary Authority of Singapore.

Singapore's Payment Services Act officially came into effect in January 2020, replacing the existing Currency Changing and Remittance Business Act and Payment Systems (Supervision) Act. It is reported that the new bill is introduced to better identify various activities and payment services. In addition, the bill expands the regulatory scope of the Monetary Authority to include new payment services such as digital payment token services. Under this new bill, all digital currency exchanges, wallets and OTC platforms in Singapore must meet relevant anti-money laundering regulations and apply for corresponding licenses to operate in compliance.

It can be seen that with the continuous development of digital payments, the supervision of digital payments by various countries will become increasingly clear.

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