The agreement is believed to expand 2C2P’s global payment processing capabilities, better positioning it to tap into US payments market
Singapore-based payments services company 2C2P today announced that it has signed an agreement with global multipurpose charge card company Diners Club International, a subsidiary of Discover Financial Services and part of the Discover Global Network.
Under the new alliance, 2C2P will now be a global acquirer of all cards running under the Discover Global Network, which includes Discover cards from the United States, Diners Club International as well as its affiliate cards such as South Korea’s BC Global Card, Brazil’s Elo Card, and India’s RuPay.
It will enable Southeast Asian merchants to use the cards as aditional payment method, while cardholders can used their cards at an increased number of merchants in the region, particularly in the travel, transport, tourism, retail and e-commerce sector.
The partnership will also allow 2C2P to expand its global payment processing capabilities, putting it in better position to tap into US payments market, which projected by McKinsey to reach US$2 trillion per year in 2015.
In a press statement, Discover Global Network Vice President Ricardo Leite stated that 2C2P’s specialisation in e-commerce travel merchants is “an important sector” to the company’s cardholders.
2C2P itself has been expanding its business to Nepal and Kazakhstan in October, as part of its global ambition, which the company secured through partnerships with other financial institutions and retail companies.
During the recent AWS re:Invent 2016 event in Las Vegas, 2C2P CTO Myo Zaw sat down with e27 to discuss the technological challenges of expanding their business into different markets with varying infrastructure condition.
“For them [new markets such as Nepal and Kazakhstan] it’s very easy to process because they expect only credit card-based processing, which is normal for us in process,” he explained.
Zaw stated that the company is currently looking at cash acceptance as one area that it is planning to grow in the future, as well as peer-to-peer (P2P) processing.
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He also confirmed that the company is raising its Series D round at the moment, set to be closed in 2017.
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