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Global

Japan Banks Unveil Plan to Build Cheaper Money Transfer System

August 6 2020

“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. […]
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Global

Japan FTC to Seek Cut of Interbank Money Transfer Fees

April 13 2020

“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 […]
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Domains

Japanese Merchants Report Sharp Increase in Mobile Transactions

October 10 2019

“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 […]
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Global

QR Code Payment Specs in Japan Could Be Unified by Summer

April 1 2019

“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 […]
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Global

Mizuho to launch digital currency to promote cashless payments in March

January 3 2019

“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 […]
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On The Wires

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Domains

PPRO Launches Leading Japanese Payment Methods, Propels APAC Expansion

May 6 2020

“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 […]
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Companies

Visa Sets Sights on a “Cashless Japan” With One Year to Go to the Olympic Games Tokyo 2020

July 24 2019

“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 […]