Tokyo, Japan (PRWEB) June 03, 2014
GMO Internet Group online payment service provider, GMO Payment Gateway Inc. (TSE1:3769), announces the launch of global payment processing service, GMO-PG Global Payment, in Thailand.
GMO-PG provides GMO-PG Global Payment solutions to Japanese online businesses and has been developing plans to expand services globally, with a focus on Asia. The Thailand subsidiary of GMO PAYMENT GATEWAY (THAILAND) CO., LTD. is the fifth oversea entity following Singapore, Hong Kong, Malaysia and Taiwan.
GMO-PG is currently expanding its business into Thailand and in conjunction with this expansion, the company is forming a business alliance with 2C2P, the leading payment service provider in South East Asia and a company in which GMO-PG holds an equity stake. At the same time GMO-PG is also receiving an equity investment from 2C2P in the Thailand subsidiary of GMO-PG.
GMO-PG established Singapore subsidiary, GMO PAYMENT GATEWAY PTE. LTD. in October 2012 to provide GMO-PG Global Payment solutions to Japanese online businesses with a local presence and targeting local markets in South East Asia. The company has been providing GMO-PG Global Payment through GMO PAYMENT GATEWAY PTE. LTD., GMO PAYMENT GATEWAY HONG KONG LIMITED, Taiwan branch of Hong Kong subsidiary, and GMO PAYMENT GATEWAY MALAYSIA SDN.BHD.
GMO-PG chose Thailand as the location of its newest local entity after extensive market research revealed high demand for the service of Japanese ecommerce stores and digital content provider. Though the political instability, Thailand made 10 times economic growth over the past 30 years (*1). In the last two years the number of Japanese companies doing business in Thailand has increased by approximately 25% to reach 3,924 companies (*2) and the increase in companies entering the Thai market is expected to continue going forward; consequently the online business market including ecommerce and computer games/digital content sales, etc. is growing rapidly in Thailand.
At the beginning of May 2014, GMO-PG, aiming to build momentum for the expansion of its business in Thailand, formed a business alliance with 2C2P, the leading payment service provider in South East Asia which provides payment processing services such as credit card payment processing and a cash collection service. GMO-PG also received equity investments from 2C2P and other companies, and established a local subsidiary in Thailand.
GMO-PG plans to expand services by establishing local entities and branches in Southeast Asia. in addition to Singapore, Hong Kong, Malaysia, and Taiwan. GMO-PG will also continue to foster business alliances with local partners that will enable us to provide the most popular payment methods in each region.
(*1) Source: IMF - World Economic Outlook Databases, January 2014 (URL:http://www.imf.org/external/pubs/ft/weo/2014/01/weodata/index.aspx)
(*2) Source: Teikoku Databank, February 2014 (URL: http://www.tdb.co.jp/report/watching/press/p140207.html)
About GMO-PG Global Payment
GMO-PG Global Payment is a global online payment processing solution for Japanese ecommerce businesses with a local presence in one or more markets outside Japan (*3). By simply connecting to GMO-PG Global Platform, ecommerce businesses will be able to accept multiple payment methods in multiple countries.
GMO-PG will establish local entities or branches in every country covered by GMO-PG Global Platform and provide Japanese-language support to merchants including negotiation and operational support. All transactions will be processed in local currencies.
As part of its current expansion of services in Thailand, GMO-PG is offering a credit card payment service and in addition, because the large majority of consumers in Thailand do not own a credit card, is also offering the cash receipt agency service in which more than 50,000 local retailers participate, ATM payment and online banking service.
Furthermore, through collaboration with leading businesses in each country, GMO-PG will provide not only payment solutions, but everything necessary for a successful overseas expansion including delivery, promotion and marketing.
(*3)GMO-PG services operate in compliance with laws in each country and credit card regulations concerning cross border transactions.
About GMO Payment Gateway
GMO Payment Gateway, Inc. is a online payment service provider offering solutions including online transaction processing for online stores, social and smartphone content sellers, and processing of recurring payments NHK television license fees. The company also provides dedicated payment solutions for public institutions including Japan Pension Service and Tokyo Metropolitan Government. Our services are safe and convenient for both business and the consumer. As the largest payment service in Japan, GMO Payment Gateway is an innovation leader and key contributor to the growth and development ecommerce.
2C2P (Cash and Card Payment Processor) is a comprehensive payment solutions provider, transforming millions of everyday payments in Asia-Pacific. The company offers solutions from traditional payment gateway to alternative cash payment processing, as well as variety of innovative payment solutions tailored for the needs of e-commerce and m-commerce merchants, banks and financial institutions of any size. The company provides its services to a large number of merchants. For example, it handles the payment service for non-face-to-face sales of the domestic and international air tickets of Thai Airways, the national flag carrier of Thailand. For more information, visit http://www.2c2p.com.
GMO PAYMENT GATEWAY PTE. LTD., a consolidated subsidiary of GMO-PG in Singapore, holds equity in 2C2P.