back Back

2C2P partners with IATA to boost payment gateways

By Leandra Monteiro

August 25, 2021

Share

2C2P, Asia, IATA2C2P, a global payments platform, recently announced a new partnership with the International Air Transport Association (IATA), the trade association for the world’s airlines. The partnership will facilitate the integration of 2C2P’s payment gateway into IATA’s Financial Gateway (IFG) to give airlines all over the world, particularly those outside of Asia, increased payments reach and help to bolster operational efficiency, amidst the aviation industry’s gradual recovery to pre-pandemic levels.

A key initiative by the global airline body, IATA’s IFG solution enables all airlines globally to access diverse payment solutions globally through one platform. Through this partnership and integration with 2C2P, IATA member airlines from every continent will now have increased access to popular regional and local payment methods from Asia – including mobile wallets, QR, direct debit and other alternative payment methods. The move would open a sea of opportunity for airlines all over the world to further penetrate the Asian market given that Asia, the world’s most cash-reliant region, is embracing digital payments like e-wallet and QR-enabled solutions amidst the pandemic.

2C2P will bring on board over 250 payment methods and enable access to 400,000 alternative payment touchpoints through one point of integration. Airlines everywhere will also be able to process pay-outs and remittances, issue cards and wallets as well as access digital goods and services via 2C2P. Customers can look forward to paying using their everyday local payment methods while enjoying a seamless payment experience.

According to a recent IATA and Tourism Economics report, global air passenger numbers are forecasted to return to pre-pandemic levels in 2023. “As the aviation industry gradually picks up with increased vaccine access and travel demand, 2C2P hopes to facilitate its road to recovery through this partnership with IATA which will help airlines to adapt to the needs of their customers in different regions and markets,” said Aung Kyaw Moe, Founder and Chief Executive Officer of 2C2P.

This is not 2C2P’s first collaboration with IATA. Since 2020, 2C2P has worked closely with IATA to optimise B2B payments and streamline the settlement process for travel agents using IATA’s pay-as-you-go e-wallet solution ‘IATA EasyPay’. The solution grants online and offline travel agents an additional prepaid payment option of purchasing air tickets from global IATA member airlines efficiently. The solution was launched in Thailand, Malaysia and Vietnam with 2C2P’s support, and with more Asian markets scheduled in the pipeline.

“Our goal has always been to facilitate optimal payments in every sector, including the travel sector. In the travel and aviation industry, we identified common pain points experienced by airlines and travel agents, and partnered IATA to offer solutions that will address these pain points – whether it is to minimise operating costs or to attract a new customer base,” Aung continued.

“As the aviation industry begins its road to recovery, all stakeholders have an active role to play in identifying and implementing sustainable solutions that will support the industry’s long-term growth prospects. IATA is pleased that 2C2P has joined the IFG platform to offer the world’s airlines and travel agents increased payments flexibility to help facilitate and accelerate the industry’s recovery in the near term,” said Muhammad Albakri, IATA’s Senior Vice President Financial Settlement and Distribution Services.

Previous Article

August 24, 2021

Monneo partnered with iDenfy for identity verification services

Read More
Next Article

August 25, 2021

Phos announced the securing of a €2 million funding

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 10, 2024

Sending Support: 57% of UAE expatriates rely on apps for remittances

Read More

October 10, 2024

Web3 Payment: 5 FinTechs pioneering Singapore’s financial landscape

Read More

October 10, 2024

Multitude Bank acquires stake in Norway’s Lea Bank in €15m deal

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More