Ant Group took a majority share in payments platform 2C2P as part of a partnership designed to accelerate digital transaction adoption and innovation in Asia, along with bolstering its Alipay offering.
In a statement, Ant Group explained 2C2P’s extensive pool of merchants would be connected to Alipay+, extending its current 250 options to include more e-wallets and local payment methods.
The partnership will further benefit from a wider geographical reach, connecting to more than 1 billion consumers worldwide.
Ant Group did not disclose the size of stake taken, or indeed the investment it made.
2C2P is a payments platform headquartered in Singapore with a presence in markets including Thailand, Singapore and Malaysia.
It claims to offer a number of products and services to merchants across verticals including e-commerce, banking, aviation, travel, hospitality and retail, which 2C2P added have been rapidly digitalising operations since the outbreak of Covid-19 (coronavirus).
Angel Zhao, president of Ant Group’s internal business group, stated the combination would help to accelerate “digital transformation for businesses through innovation and best-in-class payments solutions”.
Ant Group launched Alipay+ in 2020, offering cross-border digital payments and products enabling businesses to process a wide range of mobile payments regionally and internationally.