2C2P, a leading Southeast Asian payment services provider, has implemented a suite of e-payment solutions for The Central Group of Companies (Central Group). Central Group is Thailand’s largest retailer, with over 66,000 employees and US$7.4 billion in assets. Singapore-headquartered 2C2P will provide online payment solutions for five core retail brands – B2S, Central, OfficeMate, Robinson and SuperSports.
Central Group is placing a growing emphasis on online retail, aiming to boost website sales to US$10 million (THB 300 million) in FY2014. Thai shoppers will soon benefit from additional payment choices, including the option to pay using ‘123 Payments’ and through wider card and bank acceptance through 2C2P’s partner network. Other benefits include quicker transaction processing times, enhanced security against transaction fraud, and for the first time, installment payment plans (IPP), offered by leading partner banks.
Mr. Piyachart Ratanaprasartporn, CEO of 2C2P (Thailand) Co. Ltd. said, “We are really pleased to be supporting Central Group’s retail chains with our services. We are confident in our ability to enable regional e-commerce growth with our strong transactional infrastructures. Additionally, Central Group can structure consumer promotion plans across credit cards by letting customers enjoy payments stretched out in monthly installments. This payment solution will help customers spread the initial transaction burden, enabling them to buy more, and in turn, helping Central Group gain more customers.”
Mr. Worawoot Ounjai, Chief Executive Officer at OfficeMate, a retail chain under Central Group, said, “Central Group, and by extension, OfficeMate, sees a big opportunity in the growth of the Asean Economic Community (AEC). Specific to OfficeMate, we foresee our office supplies and stationery business growing rapidly. We project our revenues to reach 70 billion baht (US$2.17 billion) this year, a 10% increase from FY2013. Our online retail will be an important part of this overall mix. We can now accept online transactions from a wider list of leading banks and card companies, and we can do so with 2C2P’s seal of safety.”
2C2P offers partner merchants more payment options, such as credit cards, debit cards, cash via payment counters, bank channels, ATM and Internet banking, all of which are pivotal to quick and convenient transacting. 2C2P’s 3D Secure authentication technology is widely implemented by card issuing banks, processing over 85% of authentications in Thailand using our systems. The company has attained PCIDSS Level 1 compliance, the highest current payment security standard, and is able to detect threats with real-time fraud control tools, conducive to a safer online shopping experience. In addition, 2C2P can store card information securely under PCIDSS compliance allowing customers to shop more convenience and confidently.
The opportunity for Thai online payments growth is immense. According UBS research, from the US$94.4 billion total domestic retail market, e-commerce has a potential of US$4.7 billion. Nielsen research has highlighted that 55% of shoppers in Thailand felt comfortable shopping online with their payment card details stored on smart devices. This was amongst the highest in Southeast Asia, ahead of Vietnam (46%), Malaysia (45%), Singapore (49%), Indonesia (50%), behind only the Philippines (57%). By supporting financial institutions, e-commerce and m-commerce merchants and consumers, 2C2P is poised to play a leading role to support this growth.
The Central Group of Companies is a family-owned, Thai conglomerate that is involved in real estate, retailing, hospitality and restaurants. Among its subsidiaries are Central Pattana, the largest developer and operator of shopping centres in Thailand and the Central Retail Corporation, Thailand’s biggest retail conglomerate. For more information, please visit http://www.centralgroup.com/
OfficeMate was established in 1994 by the Ounjai family. It has had 40 years experiences in supplying stationery and office supply, and listed on the Market for Alternative Investment with paid-up registered capital of 80 million Baht. Today Office Mate has more than 110,000 customer databases as Office Mate offers a wide range of quality products more than 14,000 items under the leading manufacturing brands and house brands. For more information, please visit www.officemate.co.th and www.trendyday.com
2C2P (Cash and Card Payment Processor) is a leading Southeast Asian comprehensive payment services provider, transforming millions of everyday payments across Asia. The company offers a number of solutions, including local and international payment card acceptance, issuing prepaid cards and accepting cash and cash equivalent solutions tailored for the needs of financial institutions, e-commerce and m-commerce merchants and consumers of any size. For more information, visit http://www.2c2p.com