August 31, 2021
2C2P, IATA to Boost Aviation Industry Recovery with Increased Payments Connectivity
SINGAPORE, 24 August 2021 – 2C2P, a global payments platform, announced today 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 up 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.