Singapore – Fintech and e-commerce ecosystem Society Pass, has announced a strategic payments partnership with Singaporean global full-suite payments platform 2C2P to enhance the e-commerce experience in SEA. 

Through this partnership, Society Pass’s loyalty application would be able to offer 2C2P’s selection of alternative payment options to customers based in the Philippines and Indonesia.

Rokas Sidlauskas, chief marketing officer of Society Pass, shared their excitement to announce the partnership with 2C2P as it enables them to offer more flexible and convenient methods to pay for goods and services within their ecosystem. 

“By integrating leading Southeast Asia digital e-wallets such as AliPay, Touch n’ Go, Momo or GCash just to name a few into our ecosystem, Society Pass enables millions of customers to access our platforms, ranging from travel, to e-commerce, to telecoms, and to digital advertising. This is especially important considering that we operate in Southeast Asian markets, where unfortunately, over 75% of people are unbanked and do not possess debit or credit cards,” he added. 

Meanwhile, Rachelle Alexis Lim, executive director of 2C2P, said, “As we embark on this strategic partnership with Society Pass, we look forward to enhancing the payments experience of SOPA’s consumers across SEA. This collaboration with SoPa aligns perfectly with our mission to drive e-commerce growth in the region and globally, revolutionising how people transact and unlocking the potential of the digital economy for all.”

Singapore — Payments platform 2C2P and Ant Group, an affiliate of the Chinese Alibaba Group, have struck a strategic partnership with the aim to accelerate digital payment adoption and innovation in the Southeast Asian region. The partnership, upon completion, will see Ant Group becoming the majority shareholder of 2C2P.

Through the partnership, 2C2P’s extensive pool of merchants inclusive of global and regional brands will be connected with Alipay+, extending its current 250 payment options offering to include even more e-wallets and local payment methods. With this, merchants will benefit from a wider geographical reach, connecting seamlessly to over one billion consumers globally.

Aung Kyaw Moe, founder and CEO of 2C2P, said that digital payment adoption has accelerated rapidly in recent years, spurred by the pandemic, with mobile wallet payments widely gaining momentum across Asia.

Moe adds, “Through this complementary partnership with Ant Group, 2C2P will be connected to a much larger merchant base and be well-positioned to advance our international expansion strategy. I am confident that 2C2P will be able to scale new heights, and build an unparalleled and robust range of payment solutions that will deliver maximum value and impact to our merchants and partners.”

Angel Zhao, president of Ant Group’s International Business Group, commented, “Combining Alipay+ and 2C2P’s secure and comprehensive payment offerings, extensive merchant coverage and deep local knowledge of the region, this partnership is a win-win collaboration built on strengths and the shared vision to accelerate the digital transformation for businesses through innovation and best-in-class payments solutions. We look forward to supporting businesses’ digitalisation together and creating a connected digital ecosystem across markets in the region.”

Introduced by Ant Group in 2020, Alipay+ is a suite of global cross-border digital payments and marketing solutions designed to enable businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach regional and global consumers. Leading e-wallets supported by Alipay+ include Touch ‘n Go eWallet in Malaysia, KakaoPay in South Korea, GCash in the Philippines, Alipay HK in Hong Kong and more.

On the back of the partnership, 2C2P plans to further expand its global merchant coverage, in addition to strengthening its technology and product capabilities to better serve merchants across Southeast Asia and globally.

Last March, 2C2P also partnered with ShopeePay to increase access to digital payment options for consumers and merchants in Southeast Asia.

Manila, Philippines – Global payments platform 2C2P has partnered with ShopeePay, the integrated mobile wallet from e-commerce platform Shopee, to increase access to digital payments for consumers and merchants in Southeast Asia. Through the partnership, ShopeePay will be enabled as a payment option to 2C2P’s extensive merchant network across five markets in Southeast Asia, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.

With ShopeePay as a payment option for 2C2P’s regional merchant network, businesses and retailers can accept cash-free payments seamlessly, manage and track their finances with ease, and attract more offline traffic to expand their customer base. Consequently, ShopeePay users can securely pay and earn Shopee coins to gain rewards at an increased number of participating merchants.

Agnes Chua, executive director for business and product development at 2C2P, said that the partnership fast-tracks advanced digital solutions for merchants and banks to enhance sales, transaction volume, competitive edge, and streamline services.

“2C2P is excited to partner with ShopeePay to provide access to a broader range of convenient payment options with seamless integration to our merchant network. We are already working together in Singapore and Thailand and this extended partnership showcases the synergies of our collaboration. Now, with ShopeePay, merchants can operate at lower costs, expand their reach to more customers, and boost sales conversions,” Chua said.

Meanwhile, Ruoshan Tao, head of ShopeePay Online in the Philippines, commented, “ShopeePay is looking forward to working closely with 2C2P to enable their merchant network to capture more sales in a secure and seamless manner and give consumers a more convenient and rewarding cashless payment experience. ShopeePay is committed to improving access to digital payments and to better the lives of individuals and businesses through technology.”

2C2P recently announced a partnership with hoolah, a buy now, pay later provider to enable seamless BNPL integration for Singapore, Malaysia, and Hong Kong merchants.

Singapore – With changing consumer and retail trends as well as more inclusive payment options, e-commerce spending is estimated to rise by 162% to reach US$179.8b by 2025, according to data from a joint study by market research firm International Data Corporation (IDC) and global payments platform 2C2P.

The largest markets for e-commerce payments are forecast to be Indonesia (US$83b), Vietnam (US$29b), and Thailand (US$24b).

The report also noted that digital payments are expected to account for 91% of total e-commerce spending by 2025, up from 80% in 2020. The Philippines,Vietnam and Thailand markets are projected to have noteworthy shifts with declining cash usage and increasing digital payments usage by 2025.

For Aung Kyaw Moe, founder and CEO of 2C2P, there is an opportunity to ride on the growth of digital payments and provide secure and reliable financial services to meet the ever-changing needs of consumers in the region. 

“Digital payments are no longer a nice-to-have but a must-have, and a key part of every company’s business strategy. The ability of businesses to optimize their payment capabilities and operations according to geographical reach will also determine how they stay competitive, agile, and successful across the region,” Moe stated.

In terms of digital payment preference, local payment options like mobile wallets are preferred for ease and convenience across Southeast Asia. From 2020 to 2025, mobile wallets and BNPL in the region are expected to grow 30% and 58%, respectively. Indonesia alone is predicted to welcome over 100 million new mobile wallet users by 2025.

“Southeast Asia’s payment landscape is incredibly fragmented, and payment systems and their adoption, as well as regulations, can vary from market to market. To help businesses understand and navigate the region’s complexities, we’ve put together this comprehensive guide to the region’s payments landscape featuring regional and local payment insights,” said Michael Araneta, associate vice president and head of research and consulting at IDC Financial Insights Asia-Pacific.