IATA and global payments platform, 2C2P, has established a partnership that will see the payment gateway being integrated into IATA’s Financial Gateway (IFG), granting airlines all over the world increased payments reach and enhanced operational efficiency, amid 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 through one platform. With 2C2P’s integration, 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 is expected to 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 amid 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 will also be able to process pay-outs and remittances, issue cards and wallets as well as access digital goods and services via 2C2P.
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 CEO of 2C2P.