UnionPay Partners 2C2P to Target South East Asian E-Commerce Market

2C2P, a payment services provider that helps e-commerce and m-commerce merchants accept and make payments, has partnered UnionPay International (UPI) to target the fast growing South East Asia (SEA) e-commerce market.

2C2P’s SEA merchants can now connect with over five billion UnionPay cardholders worldwide, offering UnionPay as a secure and convenient online payment option for shoppers.

2C2P Group CEO and Founder, Mr Aung Kyaw Moe, said, “With more and more people using UnionPay globally, this partnership marks a significant step forward for 2C2P, cementing our status as a leading payment services provider in Southeast Asia. 2C2P has opened up the world’s largest card brand to our Southeast Asian merchants. In so doing, we have also offered UnionPay cardholders access to the region’s leading travel, transport, tourism and retail brands. Together, we are driving the adoption of cashless and online payments, providing customers with more payment options.”

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% from 2013 to 2018, growing from US$7 billion to US$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 will provide UnionPay Online Payment (UPOP), a secured 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 works with some of SEA’s largest e-commerce and m-commerce merchants. It processed more than US$2.2 billion in transactions in FY2014, growing by over 440% year-on-year versus FY2013.

In Thailand alone, 2C2P is responsible for over 85% of e-commerce authentications. In April 2015, it raised US$7 million in Series C funding, taking total funding to over US$10 million.