Singapore, 28 June 2022 – Global payments platform 2C2P announced today that they had been appointed by IKEA franchisee Ikano Retail as its official payments partner to create a seamless and localised online payment experience for IKEA customers in Singapore, Malaysia, the Philippines and Thailand.
As the demand for accessible and secure digital payment options grows in Southeast Asia, 2C2P will enable IKEA’s online shoppers to pay for their favourite homeware and delivery via their preferred online payment method in each market.
2C2P’s payment platform provides IKEA’s shoppers with a secure, versatile, and integrated checkout experience covering the region’s myriad payment methods. This includes credit cards and alternative payment methods such as online bank transfers, e-wallets and zero interest instalment payment plans, with over-the-counter solutions launching soon.
For example, in Singapore, customers can pay using online bank transfer from their DBS, OCBC, Standard Chartered or UOB accounts via eNETS. In Malaysia, customers can use online bank transfer network FPX to complete their payments. In Thailand, customers can pay using the PromptPay mobile QR solution. In the Philippines, customers can pay using mobile app Gcash.
Aside from its comprehensive payment offering, 2C2P’s payment platform can meet the complex business and operational needs of Ikano Retail by offering customised features that automatically reconcile multiple business streams and ensure accurate data reporting.
“Creating a better everyday life for the many in the communities IKEA serves around Southeast Asia means meeting our customers’ expectations and preferences in the way they shop and pay,” said Corrina Holman, Ikano Retail’s IKEA Customer Journey Manager. “Our customers expect a great user experience online and on-site at our stores, and we’re always looking for ways to improve that. We want to unite them with their choice of home and office furnishing solutions in an efficient, simple and seamless way with shorter turnaround times that are safe and secure.”
Agnes Chua, Executive Director of 2C2P, added, "Today, customers want many payment options, operating at the same speed and ease as the rest of their digital experience. By offering a full-suite solution that integrates Southeast Asia's differing payment methods, we hope to provide IKEA with a competitive advantage and help them keep pace with their customers’ changing payment preferences and needs. We have been working closely with Ikano Retail in Thailand since 2018 and are thrilled to expand our longstanding partnership and offer IKEA customers a safe, seamless and convenient online shopping experience consistently across the region."
Southeast Asia is seeing rapid growth in e-commerce spending, with digital payments boosting its growth. According to an IDC InfoBrief commissioned by 2C2P, ecommerce spending is expected to rise by 162% to reach US$179.8 billion by 2025 across the region, with digital payments accounting for 91% of total ecommerce payments. Mobile banking and mobile wallet users are expected to grow 97% and 162% respectively between 2020 and 2025.