A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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October 6, 2020
On the web
Apple Pay and Express Transit Mode Now Support PASMO Transit Cards in Japan
Mac Rumors
“Japanese smart payment system PASMO today announced that it has launched support for Apple Pay , allowing users to pay for transit fares and other transactions using their iPhone or Apple Watch. Express Transit is also supported, which allows users to quickly pass through transit gates without having to wake or unlock their devices or authenticate with Face ID or Touch ID .”
August 24, 2020
On the web
Japan facing credit card number shortage as people stay home and shop
The Mainichi
“As more and more credit cards are being issued while people in Japan stay home and shop amid the novel coronavirus pandemic, issuing companies are running out of 16-digit combinations for card numbers. The shortage of numbers has emerged against the backdrop of a rise in credit card payments from consumers staying indoors amid the pandemic, as well as a sudden increase in the number of cards being issued due to the government’s introduction in October last year of a point reward system accompanying cashless transactions.”
August 6, 2020
On the web
Japan Banks Unveil Plan to Build Cheaper Money Transfer System
BNN
“Japan’s biggest banks said they will jointly build a cheaper money transfer network catering mainly to small transactions among individuals, a move that may spur the nation’s drive toward going cashless. Five major banks including the domestic lending units of Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc. will start planning the new payments infrastructure, which will cost less to operate than the existing one, they said Thursday.”
June 26, 2020
On the wires
Boku Partners With LINE Pay Japan to Enable eWallet Payments to Merchants
“Boku Inc, a leading global provider of mobile payment and mobile identity solutions, is pleased to announce a partnership with LINE Pay, one of Japan’s largest eWallet and QR code payment service providers. This partnership will allow more than 37 million LINE Pay users in Japan to pay for merchant digital goods and services through the Boku platform. This agreement furthers the extensive depth of payment options for Japanese merchants and consumers alike that no other local payment services providers can match.”
May 27, 2020
On the wires
Stripe Announces an Industry-first Partnership With JCB and Doubles Down on Its Japanese Operations
“Stripe, the online payment infrastructure provider powering Amazon, Facebook, Shopify, Zoom, Slack, and millions of businesses across 39 countries, announced several ambitious investments in Japan to accelerate the offline to online transition of the economy and help Japanese firms export globally.”
May 6, 2020
On the wires
PPRO Launches Leading Japanese Payment Methods, Propels APAC Expansion
“PPRO , the world’s leading local payments platform-as-a-service, has entered the Japanese e-commerce market. Two popular Japanese payment methods – Konbini and Pay-easy – join over 150 local payment methods on PPRO’s platform, a portfolio that already includes APAC heavyweights like Alipay, WeChat Pay, UnionPay, and GrabPay. The Japanese e-commerce market – boasting a healthy growth rate of 9% pre-COVID-19 – is showing potential for retailers and other merchants that will likely increase during and after the pandemic. Vastly popular local payment methods Konbini and Pay-easy will play a crucial role in boosting sales, helping global and domestic merchants access shoppers in the world’s third-largest e-commerce market.”
April 13, 2020
On the web
Japan FTC to Seek Cut of Interbank Money Transfer Fees
Nippon
“Japan’s Fair Trade Commission plans to urge financial institutions to effectively reduce interbank money transfer fees, informed sources said Monday. The antitrust watchdog believes the remittance fees that have stayed high for long years may interfere with the spread of cashless payments and other new services in the country. The FTC plans to call on financial institutions to correct the situation in a report that is expected to be released as early as next week, according to the sources.”
October 10, 2019
On the web
Japanese Merchants Report Sharp Increase in Mobile Transactions
NFC World
“Launched on 1 October , Cashless Japan lets consumers avoid a new increase in sales tax from 8% to 10% by selecting a non-cash payment method when they check out at any of some 500,000 merchants around the country. Convenience stores are already seeing a 50-60% increase in mobile transactions, the Nikkei Asian Review reports .”
July 24, 2019
On the wires
Visa Sets Sights on a “Cashless Japan” With One Year to Go to the Olympic Games Tokyo 2020
businesswire
“With one year to go until the Olympic Games Tokyo 2020, Visa, the Worldwide Payment Technology Partner of the Olympic Games, is preparing innovative payment experiences for athletes, visitors and citizens in support of the government’s “Cashless Japan” imperative to double the total of payments made digitally to 40 percent by 2025. With the Olympic Games Tokyo 2020 expected to be the most innovative Olympic and Paralympic Games yet, Visa is in a unique position to help the Games become a catalyst for delivering the best in digital payments to Japan.“There is virtually no other market in the world today that compares to Japan – it is the world’s third largest economy and a leader across many industries, yet commerce remains predominantly cash-based,” said Stephen Karpin, Representative Director & Country Manager of Japan, Visa.
April 1, 2019
On the web
QR Code Payment Specs in Japan Could Be Unified by Summer
The Japan News
“The Payments Japan Association, a council on promoting cashless payments that includes representatives from the Economy, Trade and Industry Ministry and the finance and information technology sectors, has announced standardized specifications. The specifications are being called “JPQR.” Currently, the multiple competing specifications have forced retailers to take time and make efforts. Standardized specifications will support the spread of cashless payments.”
January 3, 2019
On the web
Mizuho to launch digital currency to promote cashless payments in March
Nikkei Asian Review
“Japan’s Mizuho Financial Group plans to introduce a proprietary digital currency that can be used for shopping and remitted at no cost, starting next March. Under the plan, retail shops using the currency will be charged fees significantly lower than for credit card services. The banking group aims to promote cashless payments by bringing about 60 regional banks on board.”
October 22, 2018
On the web
Paytm launches PayPay in Japan, in joint venture with SoftBank, Yahoo Japan
Live Mint
“Paytm, run by One 97 Communications Ltd, has launched a barcode-based smartphone payment service called PayPay in Japan, in a joint venture with SoftBank Corporation and Yahoo Japan Corporation, the company said in a statement on Monday.”
September 28, 2018
On the wires
InComm Japan to Become Alipay Payment Processing Partner
“InComm Japan, a subsidiary of InComm, today announced it will become a payment processing partner for Alipay (支付宝). With this agreement, InComm adds Alipay to the services it offers to merchants. InComm plans to further expand its payment processing portfolio both domestically and overseas”
September 26, 2018
On the web
Japanese bank pilots blockchain mobile payments in bars and restaurants
NFC World
“In this demonstration experiment, for SBI Group employees, we will construct a mechanism that allows cashless settlement at eating and drinking establishments in Izumi Garden Tower, Roppongi 1-chome where SBIH is based.”
September 5, 2018
On the wires
Alipay Seeks Japanese Partners to Strengthen Cashless Experience across the Country for Tourists before 2020
“Alipay, the world’s leading mobile and online payment platform operated by Ant Financial Services Group (“Ant Financial”), today announced that it will collaborate with a wider range of local Japanese partners to build a cashless environment for tourists coming to Japan, in particular for the Tokyo Olympic Games in 2020. This will allow the large number of visitors coming from China the chance to enjoy easy payment methods that they are familiar with and provide business opportunities for local merchants in Japan.”
August 24, 2018
On the wires
Paidy Announces Strategic Investment from Visa
“Today, Paidy Inc. (“Paidy”), an instantly-issued post-pay credit provider, announced an investment from Visa (NYSE:V) as part of the company’s Series C funding. Paidy is Japan’s first instantly-issued post-pay credit service for ecommerce consumers. In addition, the two companies are partnering on new digital payment experiences that will give Japanese consumers more options when buying online and in-store.”
August 21, 2018
On the web
Japan to promote e-payment with subsidies and tax breaks
Nikkei Asian Review
“Japan lags behind such countries as South Korea, China and the U.S. in embracing cashless payment, frustrating many visitors from abroad. It seeks to make cashless options widely available ahead of the 2020 Tokyo Olympics. The government intends to draw up a plan by year-end to standardize payment methods using QR codes. Businesses that provide settlement infrastructure in line with the plan would be eligible for subsidies. Relevant ministries will request necessary funding under the fiscal 2019 draft budget.”
July 30, 2018
On the web
Amazon And SoftBank Vie To Take Japan Cashless
Nikkei Asian Review
“The platforms offered by the U.S. online retail giant and the Japanese tech and investment powerhouse will require minimal investment by merchants. That approach is friendly to smaller businesses — a group that is estimated to account for about 90% of Japan’s shops — for whom obtaining specialized equipment is a heavy burden. Through local arm Amazon Japan, the American company will introduce its Amazon Pay service to let Japanese brick-and-mortar shoppers use credit cards linked to their account with the retail site. Checkout staff will scan QR codes on customers’ smartphones using tablets, eliminating the need to handle credit cards or for customers to provide a signature.”
July 24, 2018
On the web
SoftBank Plans Payments Service For Japan By Year-End
Bloomberg
“SoftBank Group Corp. plans to announce within days that it will start a mobile digital payments service in Japan by the end of 2018 as billionaire founder Masayoshi Son seeks to expand in the sector, people familiar with the matter said. The service, a collaboration with Indian startup Paytm, will make extensive use of artificial intelligence for mobile payments and other financial services, the people said, asking to not be identified as the plans are private. An announcement is imminent, they said. Dozens of Paytm employees are working in Tokyo on getting the service up and running, one of the people said.”
July 20, 2018
On the web
EBay Paid $573M To Buy Japanese e-Commerce Platform Qoo10, Filing Reveals
TechCrunch
“The deal underscores how eBay is at the same time pulling back from general plays while doubling down on more targeted opportunities. Earlier this year, the company gave up its stake in Flipkart as part of its acquisition by Walmart, but at the same time committed to investing in a new, standalone eBay operation in India, using some of the $1.1 billion in proceeds it made from selling its Flipkart stake to Walmart. EBay had an unsuccessful effort in China which ended in 2006 and it hasn’t returned to the country.”
June 19, 2018
On the web
Japan Pushes Use Of Cashless Payments As Olympics Approach And Banks Strain
The Japan Times
“Earnest efforts are underway in both the public and private sectors to promote cashless payments ahead of the 2020 Olympics. Credit cards, electronic money and other cashless systems account for 20 percent of all consumer payments in Japan, compared with 40 percent to 60 percent in the United States, European countries and China. The government and businesses consider it essential to substantially reduce society’s reliance on cash to stimulate spending by those expected to visit Japan for the Olympics and other international athletic events.”
May 30, 2018
On the web
Japan in Depth / Government Eyes 40% Goal For Use Of Cashless Payments
The Japan News
“Cashless payments are rapidly becoming more commonplace, raising hopes for innovations linked to various new services. Japan, however, has lagged behind other nations in this field, and the government is taking steps to help it catch up.”
May 2, 2018
On the web
Japan aiming to promote cashless payment services
The Japan News
“In its “Cashless Vision,” compiled in April, the Ministry of Economy, Trade and Industry set a goal of raising the proportion of cashless payments, including through electronic money and credit cards, in overall household spending to 40 percent in 2025 from 18.4 percent in 2015.”
April 17, 2018
Top Post
Japan airline ANA aims to build digital payments business
Financial Times (Paywall)
“ANA, Japan’s largest carrier, is aiming to launch a digital payments business as it seeks a cushion against the volatility in the airline industry’s profits.”
April 11, 2018
On the web
Industry ministry report urges Japan to shed custom of cash dependence
Japan Times
“The report, entitled “Cashless Vision,” said more cashless payments could help ease the country’s labor shortage and benefit foreign tourists, and that if current levels are maintained it could cost the economy hundreds of billions of yen in the coming years. It said that Japan should strive to boost the cashless payment ratio to 40 percent by 2025 from 20 percent in 2016, suggesting it achieve the goal two years earlier than the current government target of 2027.”
April 5, 2018
On the web
Banks Rush to Turn Japan Cashless
Bloomberg
- “Japanese banks, long content to foster the nation’s love for cash, are now diving into digital payments thanks to a regulatory change that threatens to usher in new rivals. In recent months, lenders around the country have announced a flurry of initiatives designed to grab a slice of the $50 billion market for electronic settlements. Projects are under way to develop platforms using everything from QR codes to blockchain technology and digital currencies.”
Bloomberg
“Japanese banks, long content to foster the nation’s love for cash, are now diving into digital payments thanks to a regulatory change that threatens to usher in new rivals. In recent months, lenders around the country have announced a flurry of initiatives designed to grab a slice of the $50 billion market for electronic settlements. Projects are under way to develop platforms using everything from QR codes to blockchain technology and digital currencies.”
March 16, 2018
On the web
Ride-Hailing Company Grab Teams Up With Credit Saison to Launch Financial Services: Looks to Expand Access to Credit for Southeast Asia’s Unbanked
Crowdfunding Insider
“According to the duo, the joint venture company, which is called Grab Financial Services Asia, will draw on Grab’s reach to millions of Southeast Asian consumers, micro-entrepreneurs and small businesses, and vast datasets on consumer behaviour, as well as Credit Saison’s expertise in credit analysis and consumer lending, to offer micro-financing products and services tailored specifically for Southeast Asia’s growing economies.”
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