Roehl Niño Bautista · · 2 min readIkea taps 2C2P for Southeast Asia payments
Singapore-based payments platform 2C2P said it will handle payments for Ikano Retail, a franchisee of retail giant Ikea, for customers in Singapore, Malaysia, Thailand, and the Philippines.
Ikea store in Singapore / Photo credit: Wikipedia
The payments firm’s services will cover online transactions through credit cards and available e-wallets in each market. This includes DBS, OCBC, Standard Chartered, and UOB accounts via eNETS for Singpore, as well as FPX for Malaysia, PromptPay for Thailand, and GCash for the Philippines.
Additionally, 2C2P’s payment platform will also offer Ikano Retail with customized features that automatically reconcile multiple business streams and provide accurate data reporting.
“By offering a full-suite solution that integrates Southeast Asia’s differing payment methods, we hope to provide Ikea with a competitive advantage and help them keep pace with their customers’ changing payment preferences and needs,” said Agnes Chua, executive director at 2C2P.
The deal comes amid increased spending in Southeast Asia’s ecommerce market, which is expected to hit US$179.8 billion by 2025.
In March, 2C2P teamed up with ShopeePay to process digital payments in Southeast Asia, while it partnered with BillEase last year to boost buy now, pay later services in the Philippines.
In April, Ant Group became the majority stakeholder in 2C2P, linking the latter’s merchants to AliPay+.
See also: These are the most active investors in Southeast Asia’s startups
Editing by Deepti Sri and Lorenzo Kyle Subido
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