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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

September 28, 2018

On the wires

September 26, 2018

On the web

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

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

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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