2C2P set to launch e-wallet

2C2P set to launch e-wallet

Payment gateway provider 2C2P is planning to offer an e-wallet for remittance transfer services, or international wire transfers, to cater to international workers and students in the country.

"Within the next two months, we will join with a partner to introduce an e-wallet for remittance services," said Piyachart Ratanaprasartporn, chief executive of 2C2P Thailand Co.

There are millions of labourers from Indochina, expats and overseas students who need to use international money transfers. These segments could be worth hundreds of billions of baht in transfers each year, Mr Piyachart said.

2C2P received a Bank of Thailand licence for in-out international money transfers for its plan to offer an e-wallet application under its strategic partner.

"2C2P will leverage its existing money agent -- already covering 350,000 people in Southeast Asia -- for top-up money and payments to allow users to withdraw money for remittance transfers," Mr Piyachart said.

The company aims to offer transfer fees that are at least 50% cheaper than those of traditional banks.

2C2P declined to comment on its new strategic partner. 2C2P Plus is the subsidiary cooperating with SuperRich on e-wallets for inbound tourists.

Mr Piyachart said e-wallets for companies like retail and department stores, as well as enterprises with large supply chains, will grow as companies seek closed-loop payments from customers instead of paying merchant fees for credit cards.

"We might see e-wallets from corporates able to interoperate with other e-wallets for cross transfers some time this year," he said.

Moreover, 2C2P's existing payment gateway business will see positive growth from booming e-commerce in the business-to-consumer (B2C) segment as many brands -- fashion, sports and consumer products -- expand their own online channels apart from relying on e-marketplaces.

Meanwhile, online bookings in hotels and aviation will grow with high-value payments.

This October, global payment firms Mastercard and Visa will mandate a new security system, 3D Secure, that enables users to pay online faster and more conveniently with a higher level of security authentication.

"All banks need to upgrade their payment gateways to support the 3D Secure payment method," Mr Piyachart said.

He aims to increase group revenue by 30-50% each year. The company is in eight countries or territories: Thailand, Myanmar, Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Hong Kong.

In 2018, the group's revenue reached US$52 million, of which $22 million came from Thailand. The company plans to further diversify revenue from overseas.

Southeast Asia has high potential for growth in both online travel and e-commerce, Mr Piyachart said. A Google-Temasek study forecasts e-commerce in Southeast Asia to reach $88 billion for the online retail market and $77 billion for online travel by 2025.

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