As the power of social media strengthens, its uses and versatility increases. The demand for quick online payments with e commerce at the forefront has risen greatly in recent years.

Van West Media

Globally around 16% of online buyers have shopped directly via social media. In Thailand specifically, it is estimated that social commerce is worth more than $500 million per year.  

ASEAN as a whole has recently developed service providers that enable this very commodity to take place. This allows developing markets to gain access to cash and leads the way for foreign businesses to connect and conduct transactions at the fast pace the world now demands.

“2C2P is the leading SEA payment service provider that offers Omni-channel payment solutions, allowing merchants to accept local and international payments. Founded in 2003, 2C2P helps companies accept payments from over 620 million banked and unbanked southeast Asia customers.”  https://www.2c2p.com/index.html

This company and the products provide flexibility, locally - adapted payment methods and competitive rates for global companies to accept payments in south east Asia and vice versa. These payment platforms support the implementations of websites or mobile applications and are used by many of the fastest growing ASEAN and Asian businesses.

As Technology becomes more entrenched into every aspect of a business, it’s important that the movement of money and accessibility to purchase goods or services becomes easier. The popularity of online banking and mobile apps in recent years have pushed the way forward for more cross - border electronic commerce.

The rise of e-commerce and online payment pathways will drive Thailand's development of becoming a cashless society with the enablers of payment platforms making it easier than ever.

Merchants set up ‘shops’ on Social media sites and sell their goods or services. Potential clients can inquire and make payments or bank transfers through applications, such as LINE.

Money will be able to cross borders, countries, and continents much faster and with lower interest rates which will encourage investors and business connections, globally. This will eventually alleviate the societies of these emerging markets.

The products that 2C2P have under their umbrella really help to facilitate Thai start-ups with creating their e-commerce sites, as well as opening up the rest of the ASEAN market.

“Qwik, for example, is a peer-to-peer payment platform made available via Facebook for a cashless, convenient, and secure option, to transfer money between friends, buyers, and sellers on Facebook.”

This initiative is helping to drive Thailand’s social commerce forward rapidly. These methods will increase the fast transactions, accessibility, and flow of money electronically, which will connect and strengthen the ASEAN countries with the rest of the world.

So is this the beginning of the end for cash?

The more electronic payments become the norm, the more banks and other traditional forms will become obsolete. This will enable the transition into a cashless society in a more efficient manner which will highlight the benefits of this revolutionary way of conducting business across the continent and on a global scale.