paypay: Cashless payment operator based in Japan.

In June 2020, the Act on Sales, etc. of Financial Instruments was amended to be able to establish an industry suitable for financial services intermediaries which are seeking to give a convenient one-stop service through which users can receive various financial services.
This amendment entered into force in November 2021 and the name of the Act was changed to the Act on the Provision of Financial Services.
InComm, a respected payments technology company, today announced that it has partnered with five overseas QR and barcode payments processors to facilitate acceptance of these technology at retailers across Japan.
These processors includeAlipayHKandUnionPay QR code, which are popular in China,EZ-Link WalletandKakao Payfrom Korea, andTouch’n Go eWalletfrom Malaysia.

Graph by the Nikkei Asian Review.But if it succeeds, the rewards would be immense.
Its goal would be to create the same as Ant Group’s Alipay in Japan — a gateway for all forms of payments and financial services.
Ant Group, controlled by Son’s longtime friend Jack Ma, is likely to raise USD 30 billion within an IPO that could become the world’s largest flotation in history.
In mid-March, Singaporean mobile carrier Singtel also announced that its VIA alliance, a mobile platform network, includes Japanese mobile payment courtesy of online sites company Netstars.

Through this partnership, consumers in Japan can now send money across a lot more than 200 countries and territories across the world using the Smiles mobile app, that is backed by MoneyGram’s global payment rails and near real-time capabilities.
The bigger issue is that cashless payments aren’t widely accepted by shops, who’ve long resisted going cashless due to cost and inconvenience.
Digital payment providers charge typically about 3% of retail transactions facilitated through their service, according to Goh.
That compares to significantly less than 1% for China’s Alipay and its own main competitor WeChat Pay.
Furthermore, the sales are usually wired to the shop owner’s bank-account only once or twice per month in Japan.
Mobile payment service providers in Japan have already been attracting interest from an M&A and investment perspective.

Choices For Japanese Online Shopping Besides Rakuten Or Yahoo

By building more value into every transaction through innovative payment technologies, InComm creates seamless and valuable commerce experiences.
With an increase of than 25 years of experience, over 500,000 points of distribution, 386 global patents and a presence in a lot more than 30 countries, InComm leads the payments industry from its headquarters in Atlanta, Georgia.
As Japan slowly shifts from cash, the federal government is likely to allow businesses to cover salaries into cashless payment accounts, which have gained widespread use in age the smartphone.
A subcommittee of the Labor Policy Council, which advises the labor minister, discussed the so-called digital salary payments at a gathering Tuesday.
At the meeting, the labor ministry presented a plan to place a ¥1 million cap on the amount of digital salary payments that may be made at once and the total amount of funds in cashless accounts used for such salary payments.

I wish everybody a very happy holiday, an excellent New Year and flawless Apple Pay Suica performance whatever your device may be.
Perhaps he could be only outlining the model and will return with a deeper analysis later.
I certainly hope so because it’s a great transit model for other countries to adapt and adopt.

CCY also notes the explosive 51% growth rate of QUICPay which they attribute to Apple Pay.
JCB has certainly done a fantastic job of dealing with Apple Pay but I suspect another reason is that Japanese Apple Pay Suica users switched from using Japanese issue VISA cards that don’t support Apple Pay Suica recharge in favor of QUICPay cards like JCB VIEW that do.
In September 2021, to expand its operations in Japan, PayPal Holdings announced the takeover of Paidy, a Japanese buy now, pay later service platform, for approximately $2.7 billion .
Following the takeover, the Japan-based firm will continue to run its current operations and keep the brand.
IN-MAY 2022, Tokyo-based fintech, Opn, announced that it had secured US$ 120 million worth of investments in Series C+ Funding.
Through these investments, the firm believes in expanding its business and offerings to the next level.
In a statement, the company said the cash would be used to expand into the enterprise market and launch into other consumer areas including the addition of remittances to its platform.

By application, Japan’s digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.
Japan has been slow to move to cashless payments, with a rush of entrants such as Line Pay and SoftBank-backed PayPay encouraging consumers to utilize QR code-based payments, which have become widespread in China, India and elsewhere.
You need to connect your bank account with the pring to use the service.
Pring puts its focus on facilitating communication among friends and family with the chat function.
Pring can be utilized for payment at shops, but as of today the options are very limited.

Kyodo News Digest: Jan 14, 2023

Under the amended PSA, a Category 1 FTS provider must be authorised to operate by the FSA and comply with a stricter code of conduct than a Category 2 FTS provider.
For instance, Category 1 FTS providers are not permitted to retain funds beyond the time necessary for processing administrative affairs associated with the transfer of funds.
Namely, Category I FTS providers are prohibited from providing FTS in the form of wallet services, and funds deposited by users should be transferred immediately while funds received by users should be paid immediately.

• Let’s have a look at the mobile payment landscape in Japan and the key players that are changing Japan’s obsolete mobile payment system.
• It feels that when they were likely to the difficulty to partially de-regulate it, they may as well have gone the whole solution to deregulate, and coordinate with the payment providers to clear any reporting requirements there could be.
• You should use LINE Pay not only at brick and mortar stores but additionally at internet vendors.

Now that there is an initiative to go digital in this area, the government has opened up a chance to make remittances to cashless accounts.
However, a survey conducted by Works Human Intelligence found that significantly less than 30% of companies are thinking about implementing digital salary payment due to high system and operational costs.

In June 2019, the PSA was further amended to enhance customer protection by introducing stricter regulations applicable to crypto assets.
InComm Japan is really a subsidiary of InComm, a leading payments technology headquartered in Atlanta, Georgia, USA.
InComm Japan is currently expanding its payment capabilities to better serve its partners through the coordination of multiple domestic and foreign payment operators.
Its focus on streamlining QR and barcode payments for point-of-sale integration began in 2017 through targeted acquisitions of QR and barcode payment technology and system assets.