2C2P extends localised payments to IKEA customers In Southeast Asia

As the demand for accessible and secure digital payment options grows in Southeast Asia, 2C2P will enable IKEA’s online shoppers to pay for their homeware and delivery via their preferred online payment method in each market of Singapore, Malaysia, the Philippines, and Thailand.

2C2P’s payment platform provides IKEA’s shoppers with an integrated checkout experience covering the region’s myriad payment methods. This includes credit cards and alternative payment methods such as online bank transfers, e-wallets, and zero interest instalment payment plans, with over-the-counter solutions launching soon.

For example, in Singapore, customers can pay using online bank transfer from their DBS, OCBC, Standard Chartered or UOB accounts via eNETS. In Malaysia, customers can use online bank transfer network FPX to complete their payments. In Thailand, customers can pay using the PromptPay mobile QR solution. In the Philippines, customers can pay using mobile app Gcash.

Aside from its comprehensive payment offering, 2C2P’s payment platform can meet the complex business and operational needs of Ikano Retail by offering customised features that automatically reconcile multiple business streams and ensure accurate data reporting.

According to the press release, Southeast Asia is seeing rapid growth in ecommerce spending, with digital payments boosting its growth. According to an IDC InfoBrief commissioned by 2C2P, ecommerce spending is expected to rise by 162% to reach USD 179.8 billion by 2025 across the region, with digital payments accounting for 91% of total ecommerce payments. Mobile banking and mobile wallet users are expected to grow 97% and 162% respectively between 2020 and 2025.