Mobile financial services provider Wave Money and payments platform 2C2P on Tuesday signed an MoU to deliver online payment services for WavePay users nationwide. The move marks Wave Money’s expansion into digital payments for the airline, hotels and retail industry. WavePay customers can now make direct purchase for goods and services with their WavePay app.
2C2P is a global payments platform helping regional airlines, travel companies and global retailers securely accept payments across online, mobile and in-store channels. The company has dual headquarters in Bangkok and Singapore and operates across Southeast Asia, North Asia, Europe and the US.
There are over 17 million people in Myanmar using Wave Money’s platform for remittances, utility payments, airtime purchase or top-ups and various digital payments. The development comes after 2C2P in November 2019 announced that it had received US$52 million in new funding from the World Bank’s International Finance Corp, Cento Ventures, and Arbor Ventures.
2C2P will use the funds to invest in new technologies that enhance its payments platform and hire local talent. Southeast Asia’s internet economy is hit US$100 billion in 2019 and is expected to hit US$300 billion by 2025, according to a report by Google, Temasek, and Bain & Company. Digital financial services is one of the key drivers of growth, with digital payments in Southeast Asia in particular, expected to exceed $1 trillion in gross transaction value by 2025.
Source: Myanmar Times