News Update

2C2P Offers New Alternative to Card Payments to Online Merchants

BANGKOK, THAILAND (August 23, 2012) – 2C2P, a leading provider of e-commerce payment solutions, launches 123 Service ( www.123.co.th) which offers e-commerce and m-commerce merchants an alternative way to accept payments from customers. The service is currently available to merchants in Thailand and will soon be offered to merchants in Indonesia and Cambodia.

The new service, dubbed “123” for its convenience, is an alternative to credit and debit card payments and allows merchants accept payments from unbanked customers, i.e., customers without cards to pay for online products or services. This scalable and seamlessly integrated payment solution was created in response to an increased demand for this of solution from Thailand’s growing e-commerce industry.

Card payment processing in Thailand barely reaches 20% of total online purchases. Those customers who do not pay by card have long been forced to use other, less convenient methods, such as ATMs and Internet banking services to transfer money to merchants. These payment options have long been associated with inventory and cash management problems, as they provide no possibility for a merchant to manage sales in real time. The new service offered by 2C2P provides online merchants with an alternative, easy way to accept payments, without the inconvenience of holding inventory while waiting for payment confirmation. Merchants using 123 Service can monitor all transactions in real-time and receive immediate automatic notifications once payment’s been made by a customer.

Commenting on the benefits on the new solution, Aung Kyaw Moe, 2C2P Founder and CEO commented at the press-conference which followed official service launch: “E-commerce businesses typically use credit-card payment processing services. However, credit cards usage in Thailand is still limited, with fewer than 10 million cardholders. In addition, many cardholders are not fully confident in online credit card security, so they prefer not to use their credit cards for online transactions. As a result, e-commerce transaction value in Thailand has not kept pace with global e-commerce growth. This new solution by 2C2P will reduce the complexity of acquiring and managing merchants’ payment acceptance needs. This will give ecommerce merchants in Thailand more time to devote to building their businesses.”

Piyachart Ratanaprasartporn, CEO at 2C2P Thailand, added: “123 diversifies online payment options for customers. The system also helps reduce e-commerce fraud and reduce credit card data theft, because customers can simply pay for their online purchases by cash. Ultimately, it helps online businesses increase sales and reach out to a wider customer base as customers have more convenient choices to pay.”

123 Service is targeted specifically at online merchants and call centers of any size who want to increase their sales, reduce customer drop-outs and offer a convenient payment alternative to their customers.

Currently, customers who’ll opt to pay via 123 can pay at over 65,000 locations throughout Thailand, including: 7-Eleven Counter Service, Tesco Lotus, Pay at Post, TOT Just Pay branches, True Money, AIS M-Pay, as well as at Thai bank counters or using direct debit.

About 2C2P Pte. Ltd.
2C2P (stands for Cash and Card Payment Processor) is a comprehensive payment solutions provider, transforming millions of everyday payments in Asia Pacific. The company offers solutions from traditional payment gateway to alternative cash payment processing, as well as variety of innovative payment solutions tailored for the needs of e-commerce and m-commerce merchants, banks and financial institutions of any size. Web: http://www.2c2p.com

About 123 Service
123 Service was developed by 2C2P company to help e-commerce industry overcome problems inherent in nascent payment industry in Southeast Asia: low credit-card penetration coupled with large credit-card fraud issues. 123 offers convenient ways to pay by cash at over 60,000 locations in Thailand. Web: http://www.123.co.th