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Singapore-headquartered 2C2P signs online payment processing agreement
with Diners Club International, which is part of the Discover Global
Network and a wholly owned subsidiary of Discover Financial Services
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Alliance will extend acceptance of cards running on the Discover
Global Network to Southeast Asian merchants
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Expands 2C2P’s global payment processing capabilities, better
positioning 2C2P to tap into the projected US$2 trillion a year U.S.
payments market (McKinsey, 2015)
RIVERWOODS, Ill. & SINGAPORE--(BUSINESS WIRE)--
2C2P, the leading Southeast Asian (SEA) payments services company, and
Diners Club International, a subsidiary of Discover Financial Services
and part of the Discover Global Network, announced that 2C2P is a global
acquirer for all cards running on the Discover Global Network. 2C2P’s
SEA merchants can now tap Diners Club International, Discover and other
Discover Global Network cards as an additional payment method. 2C2P will
increase acceptance in the SEA region allowing Discover Global Network
cardholders to use their cards at an increased number of merchants in
the region.
2C2P will provide its merchants with single-source electronic payment
services for the acceptance of Discover Global Network, which includes
Discover cards from the United States, Diners Club International as well
as its affiliate cards such as BC Global Card from South Korea, Elo Card
from Brazil and RuPay from India.
Aung Kyaw Moe, founder and Group CEO of 2C2P, said: “With the rise in
global online retail and tourism, this agreement opens up key
international travel and entertainment markets such as Asia, Europe and
the U.S. to our Southeast Asian merchants. Cardholders from Discover
Global Network can now enjoy payments access to the region’s travel,
transport, tourism, retail and e-commerce brands.”
“Discover Global Network continues to increase our merchant acceptance
footprint in Southeast Asia through working with companies such as 2C2P
because this region has an increasing number of Discover Global Network
cardholders as a result of our Diners Club and RuPay networks,” said
Ricardo Leite, vice president, Discover Global Network. “2C2P
specializes in e-commerce travel merchants, an important sector to our
cardholders.”
McKinsey estimates the annual revenue of the global payments market is
expected to increase by six percent from 2015 to 2020, exceeding US$2
trillion by 2020. The Asia Pacific region, including China, accounts for
approximately 55 percent of the industry’s revenue growth worldwide.
Discover Global Network is the third largest payments network in the
world1. With over 39 million merchant acceptance locations
and 1.9 million ATM and cash access locations across 185 countries and
territories, Discover Global Network includes Discover, Diners Club
International, PULSE and affiliated networks.
“2C2P continues to look for market-leading partners around the world, to
deploy its best-in-class online payments processing solutions and make
it easier for consumers to transact with the payment instrument of their
choice,” added Aung.
About 2C2P
2C2P is
a leading Southeast Asian (SEA) payment services provider. It offers a
number of comprehensive, omni-channel payment services tailored to the
needs of financial institutions, e-commerce and m-commerce businesses
and retailers. 2C2P enables payment acceptance through credit and debit
cards, as well as through bank channels such as ATMs, internet banking
and mobile banking. It also facilitates cash acceptance via payment
counters, an important feature in SEA, a region characterized by low
card penetration. With 2C2P’s payment services, retailers and merchants
can now transact with both banked and unbanked customers.
2C2P is a Payment Card Industry Data Security Standard ("PCI-DSS") Level
1 certified company since 2010. The company processes billions of
dollars in transactions for many businesses. 2C2P has offices across
Southeast Asia, including in Cambodia, Indonesia, Laos, Malaysia,
Myanmar, Singapore, Philippines and Thailand, as well as in Hong Kong.
In 2015, 2C2P was recognized by CBInsights as one of the world’s top 25
payment startups. It is a 2013 Deloitte Technology Fast 500 Award
winner, recognized as one of Asia’s fastest growing technology companies.
For more information, visit http://www.2c2p.com/
About Diners Club International Ltd.
Established in 1950, Diners Club International became the first
multi-purpose charge card in the world, launching a financial revolution
in how consumers and companies pay for products and services. Today,
Diners Club is a globally-recognized brand serving the payment needs of
select and affluent consumers, offering access to more than 700 airport
lounges worldwide, and providing corporations and small business owners
with a complete array of expense management solutions. With acceptance
in more than 185 countries and territories, millions of merchant
locations and access to more than 1 million cash access locations and
ATMs, Diners Club, as a part of the Discover Global Network, is uniquely
qualified to serve its cardmembers all over the world. Diners Club
International is a wholly owned subsidiary of Discover Financial
Services (NYSE: DFS), a direct banking and payment services company with
one of the most recognized brands in U.S. financial services. For more
information, visit www.dinersclub.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America's cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the Discover Network, with millions of merchant
and cash access locations; PULSE, one of the nation's leading ATM/debit
networks; and Diners Club International, a global payments network with
acceptance in more than 185 countries and territories. For more
information, visit www.discover.com/company.
1 Retail Banking and Research, August 2015
View source version on businesswire.com: http://www.businesswire.com/news/home/20161206005179/en/
Source: Diners Club International Ltd.