Payment service provider targets up to 50 per cent growth in 2019

2C2P chief executive officer Piyachart Ratanaprasartporn said that online payments will continue to grow as customers become more familiar and confident with making payments via the online channel.
The firm plans to launch three new services this year: international money transfer; e-tax and e-bill services; and 3D Secure for online payments in order to attract online shops across Southeast Asia and Europe markets. The new services will allow transfer of money through QR cross-border payment.
The firm, this year, is expanding its business to countries such as South Korea, Taiwan, India and Middle East. It has set up business in eight countries, including Vietnam, Japan, Malaysia, Singapore, Europe and Thailand.
He added that the firm by the end of this year expects to generate revenue of around Bt2 billion. The top three major sources of revenue this year are – Thailand, around Bt1.2 billion, followed by Myanmar and Malaysia.
The firm last year gained revenue of Bt1.7 billion with Thailand accounting for Bt700 million, followed by Myanmar and Singapore.
The firm is now providing around 30,000 bill payment service counters in Myanmar and sees huge potential for growth in that country.
“I think online payment still has huge potential for growth as users and business have much more confidence to engage in online transactions. We expect revenue growth of 30-50 per cent this year,” said the CEO.
Google and Singapore’s Temasek reported that Southeast Asia’s e-commerce industry grew on average at more than 62 per cent per year during the past three years. The growth trend is expected to continue this year.
Meanwhile, the Electronic Transactions Development Agency reported the value of Thailand’s business-to-consumer market in 2018 was worth Bt800 billion and the market will continue to grow at more than 10 per cent per year.