2C2P, a Singapore-based payment solutions provider, and local IT firm Creative Web Studio will together deliver new, improved and more integrated payment solutions in Myanmar, the firms said.
The combined capabilities of the two firms will deliver enhanced transaction and payment infrastructure for online sales, especially in the booming Myanmar travel and tourism sector, according to 2C2P.
Creative Web Studio will integrate 2C2P’s online payment solutions into Myanmar merchants’ operations, providing secure, internationally-linked payment processing capabilities, the firm said.
Tourists will be able to transact on merchants’ websites using most international credit and debit cards, recognised and accepted by 2C2P’s payment gateway.
Wai Phyo Thu, founder and technical director of Creative Web Studio said; “We are ready to support the tourism boom. Better payment processes and technologies will benefit merchants and raise industry standards across the board.
Research firm New Crossroads Asia has forecast tourist arrivals in Myanmar will grow at a Compound Annual Growth Rate (CAGR) of 25 percent from 2013 to 2020.
“The partnership helps us offer value to our partner merchants, who benefit from 2C2P’s solutions with a faster processing time, a more secure product and the ability to accept a wider number of credit cards.
With the integrated 2C2P payment services, merchants will be able to process online transactions easily and quickly, opening up new business opportunities and facilitating greater ease of payments, 2C2P said.
“This is an important step towards integrating Myanmar more extensively with the global economy. 2C2P will do its part to modernise the nation’s payments infrastructure,” Aung Kyaw Moe, founder and group CEO of 2C2P, said.
“Creative Web Studio is one of the leading online solutions providers in Myanmar. For example, they work with the vast majority of tourism sector businesses. With their expertise, relationships and technical capabilities, they are the perfect partner to integrate our payment solutions into merchants’ websites,” he added.
Southeast Asia is experiencing an exciting period of transformation in the payments sector. Consumers are increasingly adopting alternative payment options when paying for goods and services.
2C2P said it processed over $500 million worth of online payments in 2013.