InComm has partnered with Mizuho Bank to expand its payment service J-Coin Pay to its retail network in Japan.
Through the partnership, a network of more than 18,000 retail locations including pharmacies, supermarkets, home appliance retailers and discount stores will be able to accept J-Coin Pay.
J-Coin Pay is a digital wallet, or a bank digital currency platform, created by 57 financial institutions. It allows customers to make payments, send and receive transfers, and perform other financial transactions on their smartphones. The smartphone app also lets customers move funds between their J-Coin Pay accounts and their deposit accounts at their financial institutions for free.
“J-Coin Pay was launched this year and its adoption rapidly grew among Japanese consumers, so being chosen to be a part of this is a great honour for InComm,” comments Takumaro Arai, Vice President and General Manager of InComm Japan. “Through this partnership, we’re not only helping shoppers pay in a modern and frictionless fashion, but also helping Japan achieve its goals towards digitizing payments.”
The implementation of the partnership is expected to take place through 2019. “It will absorb the differences in the system specifications of each payment service provider and funnel the payments routing seamlessly through the point of sale (POS). With the minimal time needed to implement and execute, automatic payments routing will soon make it easier for cashiers to process transactions quickly and simply,” the companies said.