Nelson Ching/Bloomberg
E-commerce solutions provider 2C2P said it is partnering UnionPay International (UPI), a subsidiary of China UnionPay, to target the fast growing Southeast Asian e-commerce market.
2C2P’s SEA merchants will now connect with over five billion UnionPay cardholders worldwide, offering UnionPay as an online payment option for shoppers.
2C2P will provide UnionPay Online Payment (UPOP), a service developed by UPI specifically for online payments. With UPOP, UPI cardholders will receive an OTP (one time password) via their mobile devices to complete their transactions.
2C2P Group CEO and Founder Aung Kyaw Moe said, “With more and more people using UnionPay globally, this partnership marks a significant step forward for 2C2P.”
Frost & Sullivan estimates the B2C e-commerce compound annual growth rate (CAGR) of key ASEAN markets Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam at 37.6 percent from 2013 to 2018, growing from $7 billion to $34.5 billion.
Wenhui Yang, general manager, UPI Southeast Asia, said, “Southeast Asia is one of the fastest emerging online shopping regions. By partnering 2C2P, one of the most innovative and leading payment service providers in ASEAN, UPI is able to offer our services to top online retailers and merchants, particularly the multi-billion dollar travel and tourism sector.”
2C2P processed more than $2.2 billion in transactions in FY2014, growing by over 440 percent year-on-year on FY2013. In Thailand, 2C2P claims to be responsible for over 85 percent of e-commerce authentications. In April, it raised $7 million in Series C funding, taking total funding to over $10 million.
2C2P, Southeast Asia’s leading payments company, founded by Burmese entrepreneur Aung Kyaw Moe, has announced a partnership with UnionPay International (UPI), a subsidiary of China UnionPay. With this partnership, UPI cardholders can transact with some of SEA’s leading brands, including in Myanmar, making these brands accessible to over five billion UPI cardholders.
2C2P has been active in the Myanmar market over the last couple of years. In June, it launched easyBills, Myanmar’s first electronic bill payment solution. In February, it developed and implemented Myanmar’s first online payments solution in cooperation with Myanmar Payment Union (MPU), the national payment network of the country.
In January, it launched the Citizen Card, Myanmar’s first prepaid card with a real-time mobile app, and last year, it introduced iACCEPT, Myanmar’s first mobile point-of-sales system (mPOS), along with Visa, MasterCard, Myanmar Citizens Bank and Myanmar Hotels International.
From:Myanmar Business Today