Platform to Allow Millions of ‘Unbanked’ Thais Purchase Online

Nicholas Altstadt is a freelance journalist based in Southeast Asia and a regular contributor to local news and reviews website Coconuts Bangkok.

Bank-tech whiz Aung Kyaw Moe is upping his game in Southeast Asia in a major way at the helm of his 2C2P.com payment processing solutions company with the launch of 123, an alternative payment system that potentially will allow millions of credit and debit card-less internet users start buying stuff online.

What will these newly-initiated web shoppers be able to buy without the almighty charge card? Well, anything and everything, Aung says.

The 123 system is a platform that connects merchants to payment channels inside Thailand, which will allow “unbanked” customers to make cash purchases at tens of thousands of locations across the country.

Of the 66 million living in Thailand, about half have bank accounts, Aung said, adding that only about 10 percent have credit cards and 15 percent have debit cards. He added:

Aung Kyaw Moe

This is a huge population that doesn’t have access to credit or debit cards. Everybody wants to participate in e-commerce thanks to daily deals websites and budget airlines who have services online, so we think we can definitely serve the population currently not participating in e-commerce.

“Technically this is not rocket science at all, it’s a very straightforward process,” the modest Aung told me in his office in central Bangkok.

The system is quite simple for shoppers: Make a purchase online, select the 123 payment method and a slip will be generated with a barcode which you can either print out, or make note of the reference code number. Armed with the barcode and/or number, the customer can make a cash payment at any participating payment channel. Aung explains:

We are making this as comprehensive as possible, so we are connected to every single payment channel available in Thailand. For example, you can now pay at the nearest 7-Eleven, Tesco Lotus, and all of the leading banks’ ATMs.

And for those living in areas where the ubiquitous 7-Eleven has yet to penetrate? Post offices will also be accepting payments.

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