Bangkok--24 Aug--Spark
New payment channel capitalizes on credit card alternatives
2C2P takes Thailand’s e-commerce sector to a whole new level with its announcement of 123 payment service, enabling more convenient, non-credit-card payment processing both for online [IDF1] merchants and for consumers. This scalable and seamlessly integrated payment solution meets the needs of the country’s growing e-commerce industry and improves global competitiveness.
“We are not newcomers to the industry. We have been providing reliable online credit/debit card payment solutions, to leading banks in Thailand and South East Asia, for over nine years,” says Mr.Aung Kyaw Moe, Group CEO, 2C2P. “We have always been committed to Thailand’s promising e-commerce sector, especially the B2C segment which has already reached 85 billion baht in market value. Today, we expand our award winning online payment capabilities directly to online merchants. We will reduce the complexity of acquiring and managing their payment acceptance needs. This will give ecommerce merchants in Thailand more time to devote to building their businesses.”
“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.”
“Credit/debit-card payment processing in Thailand these days, barely reaches 20% of total online shopping value. Online customers have relied on traditional payment processes—such as ATMs and Internet banking services—to transfer their money to merchants. These payment options are done without any real-time notifications to merchants, with potential inconvenience and other issues to both sides. Online customers transfering their money using traditional payment methods, must also fax transfer slips to merchants and/or call toconfirm their payments. Merchants in turn have to quickly validate all proof of payment before managing timely delivery. These traditional offline payment methods take time and cost money, and may result in paperwork errors and possibly losses. The solution is to use a real-time payment processing system with transaction information automatically sent directly to merchants, without the need for purchasers to fax or make a call for payment confirmation. That’s exactly what 123 Service provides.”
Developed by 2C2P, 123 Service provides new alternative payment processing for small and large online merchants who want to increase sales and improve their customers’ shopping experiences.
123 Service will broaden merchants’ customer base by enabling online customers to pay through a range of options including: cash payment at 7-Eleven’s Counter Service, Tesco Lotus, Pay at Post, TOT Just Pay branches, True Money, AIS M-Pay,bank counters; or funds transfer using all available banking channels such as ATMs, Internet Banking or by online direct debit.
Mr.Piyachart Ratanaprasartporn, CEO at 2C2P, Thailand, says: “123 Service addresses the need for localized non-credit-card payment processing, especially among merchants without the need to manage credit-card payments or those without the practicality [IDF2] to integrate their payment systems with any bank’s online payment gateway. It is also an ideal option for merchants who have not developed easy customer access to convenient cash payment channels, or merchants who repeatedly face delay in the validation process of customer payment transactions.”
He adds, “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 of payment method. Merchants can also view details of customer transactions on a real-time basis after each payment process is completed so that they are able to deliver their products on a timely basis. Additionally, merchants have information to allows better understanding of consumer behaviors andrequirements, making it easier and more efficient to reach out to target customers.”
“The launch of 123 Service reinforces our commitment to Thailand’s e-commerce industry. We will continue to actively support everyone involved to ensure that all e-commerce businesses are able to compete locally and internationally.”
About 2C2P
2C2P or Cash & Card Payment Processor is a secure, certified e-commerce payment solution provider. The company has been granted a business license as an e-commerce payment provider by the Bank of Thailand (license no. ค(3)001/2554). 2C2P is one of the first payment providers in Asia-Pacific to be in compliance with the Payment Card Industry Data Security Standard (PCIDSS) and certified by VISA, MasterCard and JCB for “Verified by Visa”, “SecureCode” and “J/Secure” products under the 3-D Secure system, the de facto security standard in e-commerce security for credit card issuers and acquirers.
[IDF1]IN THE LAST ENG BROCHURE I SAW WE had on-line…either is fine but consistency is admirable
[IDF2]I don’t understand this