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Japan aims to establish mutual access to #QR code #payments with Southeast Asian nations and India by 2025, leveraging its standardized JPQR system. Unified standards streamline transactions, enhancing convenience. Cooperation with Chinese services like #UnionPay and WeChat Pay fosters collaboration, not competition. With plans to expand JPQR usage domestically and abroad, Japan targets 100,000 stores by fiscal year-end.

“Efforts are underway between Japan and other Asian countries to allow mutual access and use of QR code payment services that are popular in their own countries. Japan has started talks with Southeast Asian countries and India to enable joint use of the digital payment services by?2025. Yoshio Fukuda, general director of the Payments Japan Association, which operates the country’s standardized QR code payment system called JPQR, said Japan will also collaborate with individual Chinese digital payment services, in a recent interview with Nikkei. Fukuda talked about the aims and prospects of mutual use of QR codes. Code payment services are now available from several operators in Japan alone. In stores, each QR code must be presented next to the cash register, which takes time and effort.” “Therefore, JPQR was created to unify the codes into a single code in Japan and to enable the use of services provided by various companies. JPQR was formulated in accordance with international standards, which facilitates cooperation with unified standards in other countries. We are aiming to launch cooperation with Asian countries by the time of the Osaka World Expo to be held in 2025, when many visitors are expected. Preparations are underway with eight countries, including Indonesia, Cambodia, Singapore, Malaysia, Thailand and India. A single code will be able to handle payments from hundreds of Asian payment businesses. We will cooperate, not counter. Since there is no unified standard in China, we will work together with individual services.” “China’s UnionPay and Wechat Pay have already joined JPQR for the Japanese domestic market. We have begun discussions with UnionPay as an association to allow Japanese traveling to China to make payments using codes from the other side. We would like to reach out to Wechat Pay in the future. Currently, there are approximately 15,000 stores that have installed the system. Some stores are not yet aware of JPQR, and compared to the major code payments that are already available on a per-million-store basis, there is still room for us to grow. We are looking for businesses to develop franchisees to promote the program. The association aims to introduce at least 100,000 stores by the end of this fiscal year, mainly in Japan’s western Kansai region so that visitors to the Expo can use them.”

In this partnership, Weixin/WeChat Pay and PayNet (Payments Network Malaysia) aim to streamline transactions for visitors, eliminating the need for currency exchange or separate top-ups. Andrew Jong, director for personal financial services at HLB, said, “Enabling Weixin Pay acceptance through our HLB DuitNow QR not only directly supports the revitalization of our tourism sector, but also reinforces Malaysia’s appeal as a top investment, business, and travel choice for China. #partnership #paymenttransactions #malaysia ------ -[Newsletter] To learn more about the latest news, trends and insights in the technology industry, subscribe to UpTech Media’s newsletter by filling out this form: https://lnkd.in/eKr8Se4y

Japan works to popularised it’s QR payment as well as to make it interoperable with other countries unified payment infrastructure! Japan looks to integrate and accept JPQR with #Singapore (#SGQR), #Malaysia (#DuitNow QR), #Indonesia (#QRIS), the #Philippines (#QRPh), #Thailand (#Thai #QR Payment), #Cambodia (#KHQR), #Vietnam (#VietQR) and #India (#BharatQR)! “One single QR code in a store can process payments from multiple payment operators across Asia,” Mr Kenichi Matsuguma, director of the cashless payment promotion office at Japan’s Ministry of Economy, Trade and Industry, told The Straits Times. Mr Matsuguma admitted that #Japan has been a #laggard in going #cashless compared with Asean. In 2022, Singapore, Indonesia, Thailand, Malaysia and the Philippines had signed a pact to unify their QR code payment systems. #payments #rails #networks

?? Japan & China’s ?? Alliance Redefining Asia’s Payment Landscape! ?? Scanning the Future: How JPQR is Pioneering Asia’s Cross-Border Payment Revolution In the bustling streets of Asia’s metropolises, a quiet revolution is taking place, one that’s set to change the face of commerce. The humble QR code, a simple grid of black and white squares, is emerging as the universal language of financial transactions. Spearheaded by Japan’s meticulous innovation, the JPQR system is leading the charge towards a unified, streamlined payment experience across the continent. ??? ?? Key Takeaways: ?? JPQR’s Unified System: Crafted with Japanese precision, JPQR is revolutionizing the payment landscape by condensing a myriad of QR code services into one harmonious system. This initiative, led by Japan, is not just about simplifying transactions; it’s about creating a seamless economic tapestry that connects diverse markets with a single scan.?? #JPQRInnovation ??Asian Integration Vision: By 2025, the dream is a singular QR code for Asia, a vision that promises to dissolve borders and expand economic horizons. This ambitious project, embracing countries like Indonesia, Thailand, and India, could redefine regional commerce and tourism, making spending as easy as a camera click. ??#AsianUnity ??China’s Payment Titans: The Chinese giants UnionPay International and WeChat Pay are not just dominating the domestic market; they’re setting their sights on global expansion. Their partnership with JPQR is a strategic move, allowing Chinese tourists to effortlessly spend abroad, and potentially paving the way for Japanese travelers to reciprocate in China. ?? #GlobalPaymentExpansion ???? How It Might Affect You: The rise of JPQR and its potential pan-Asian reach could transform your shopping experience, offering unparalleled convenience and security. Imagine traveling across Asia, buying souvenirs, dining out, or booking hotels, all with a simple QR scan from your phone. This technology could also herald a new era of financial inclusion, bringing banking services to those previously underserved by traditional institutions. ???? Looking Ahead: As we witness the unfolding of this QR code narrative, it’s clear that Asia is not just following trends; it’s setting them. The JPQR system, with its potential for continent-wide adoption, stands as a testament to the power of collaboration and innovation in the digital age. Will this QR code revolution lead to a global standard in payments? With the momentum building and names like Japan’s JPQR and China’s UnionPay at the forefront, the future looks not just interconnected, but also incredibly exciting. ??? #QRCodeRevolution #JPQR #UnionPay #WeChatPay #DigitalPayments #AsianIntegration #FinancialInclusion #Innovation #GlobalCommerce https://lnkd.in/g-CTZBgf

?? Exciting News from the 2024 China International Supply Chain & Logistics Expo: Visa and LianLian Global Unveil the Yueda Card! Visa and LianLian Global have expanded their partnership to launch the Yueda Card, a digital business card designed to streamline secure and efficient international payments for corporations and SMEs. ?? Why It Matters: The Yueda Card combines Visa’s global payment infrastructure with LianLian Global’s tech capabilities, addressing critical challenges in cross-border transactions such as: - Uncertainty in payment receipts (50% of SMEs struggle here) - Unpredictable fees - Processing delays - Fraud risks ?? Key Features: - Online top-ups & multi-currency settlements - Digital invoicing for seamless transactions - Reduced reliance on manual payment methods ?? This innovative solution will optimize working capital and make global commerce more accessible for businesses in ecommerce, foreign trade, travel, and supplier transactions. Visa and LianLian are paving the way for a more integrated and efficient cross-border payment ecosystem. ?? #PaymentsInnovation #CrossBorderPayments #DigitalFinance #Visa #LianLianGlobal https://lnkd.in/d6ZUV5Z7

PayPay and Alipay+ expands partnership to extend e-wallet payment options across Japan Read the full article here: https://bit.ly/3BUFqNE More and more travellers demand seamless cross-border payment experiences. With PayPay's expanded partnership with Alipay+, Japan is responding to this demand, making it easier than ever for international visitors to pay with their preferred e-wallets at over three million merchants across the country. ? Pay Pay and Alipay+ expand their partnership, connecting over three million merchants in Japan to international payment systems. ? Alipay+ transactions in Japan have nearly tripled in 2024, with increased spending on local experiences. ? The partnership supports local SMEs by facilitating seamless cross-border payments and driving economic growth. GCash, ????? (kakaopay) #paypay?#alipayplus?#crossborderpayments?#ewallets?#japanpayments?#mobilepayments?#digitalpayments?#internationaltransactions?#smepayments?#tourismgrowth?#localbusinesses?#travelpayments?#qrpayments?#economicgrowth?#japantravel

????I am currently spending a few days in Japan and wanted to share some insights about payment trends here. Japan is witnessing dynamic shifts in its payment landscape, influenced by various economic factors and consumer preferences. Here's a snapshot of the latest trends: 1?? ?????????????? ?????? ???????????????? ????????????: Japan's weaker currency is attracting tourists, but it's also creating challenges for local businesses and credit card companies. With the influx of foreign visitors, Japan's credit card companies could face up to 20 billion yen ($137 million) in annual deficits due to higher fees paid to overseas card brands compared to transaction commissions received. 2?? ?????????????????? ???? ???????????? ??????????: Credit cards remain the most-used digital payment method in Japan, leading in both cashless payment value and volume. Cash back cards are popular tools for merchants to engage customers, often promoted in public areas. While it's easy for customers to apply and activate these cards, keeping them actively used is a challenge. 3?? ?????????????? ???? ???????? ????????????????: Japan is famously known as a cash country for decades. Now cash usage having steadily declined over the years and now accounting for only 41% of all point-of-sale transactions. 4?? ???????? ???? ???? ???????? ???????????????? : QR code payment services are gaining traction, catching up with electronic money as the preferred option for small store purchases. This digital shift reflects a growing trend towards convenience and efficiency in everyday transactions. 5?? ?????????????? ???????????????? ?????? ???????????? ???????????????? : Catering to Japan's cultural preference for cash, convenience store (Konbini) payments remain a popular method for online shopping. Consumers can pay for online orders in advance at their local convenience store counter using cash and a unique code. This blend of online shopping with offline payment reflects Japan's unique approach to balancing modern and traditional payment preferences. What is special about Japan in Paymebts that you know? ???? Follow Christiane Zhao for more. #PaymentTrends #payments #DigitalPayments #Fintech #japan

"Today, Visa, the world's leading digital payment brand, and LianLian Global announced at the 2024 China International Supply Chain Expo (hereinafter referred to as "CISCE") that they will deepen their cooperation and launch the global business payment product Yueda Card, providing comprehensive cross-border business payment experiences for LianLian Global customers. Through LianLian Global's innovative capabilities and Visa's global payment network, corporates and SMEs can use the Visa digital business card issued by LianLian Global to complete cross-border payments online efficiently, conveniently and securely." #payments #fintech #innovation #LianLianGlobal #Visa https://lnkd.in/gCvykKwP

Alipay+ Enables Digital Payment of 14 Overseas E-wallets From 9 Countries and Regions in Hong Kong to Support City’s Global Travel Drive “Hong Kong is known for its breathtaking sceneries, vibrant city and community life, and the east-meet-west culture, as well as shopping, food, sightseeing, and public services, an exciting place that any globetrotters shouldn't miss,” said Venetia Lee, CEO of AlipayHK and Greater China General Manager of Ant International. “When we pay like locals, we can travel and experience the culture like locals. We are so excited to help users of our 14 wallet partners to expand their presence to over 90% of local merchants through AlipayHK’s network. This allows hassle-free payments, promotes the development of Hong Kong's tourism industry, and helps local merchants enhance the effectiveness of their promotional activities through digtal technology,” https://lnkd.in/dTxs-dXz ????? (kakaopay) TNG Wallet Alan Ni TrueMoney Malaysia Sunny Quek OCBC Macau Pass S.A. Tinaba Paul Albano GCash (Mynt - Globe Fintech Innovations, Inc.) Toss Payments(??????) #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews