JCB Partners With Paymentwall to Transform Transactional Journeys in Digital Media and Home Entertainment Sector
Global technology MNC JCB International has picked global payments platform Paymentwall for digital media and home entertainment sectors.
Fintech trends around the world are changing fast. COVID-19 crisis is seen as a positive enabler in the digital transformation journeys as far as digital currencies, wallet transactions and software-based banking solutions are concerned. Japanese fintech market is significantly smaller compared to the leading adoption centers around the world. Currently, fintech investments and startup domination are largely concentrated in the US, China, UK and Singapore. India and Japan are inching closer to toppling the records in crypto and mobile-based digital payments and neo banking solutions. JCB International’s partnership with Paymentwall is in that direction, focusing on Japanese customers.
Let’s find out more about this alliance.
JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd. is Japan’s only international payment brand. Paymentwall, on the other hand, is a global payments platform that allows millions of people around the world to make payments using not only credit cards but also 150 local payment options, including bank transfers, e-wallets, and prepaid cards. The two companies joined forces to announce the activation of JCB cards in the digital media and home entertainment sector.
As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. Paymentwall is one of these partners to have joined the revolution.
What does this mean?
Tokyo has emerged as a fintech hub in recent times, largely due to the kind of support MNCs and startups are receiving from the Japanese government. Despite technological backwardness and lack of innovation initiatives in the fintech space, there is ample opportunity for the players in the market. JCB-Paymentwall could prove to be a powerful digital payment journeys and technology pairing in the coming months.
This partnership will simplify the online transactional journey for digital media and home entertainment communities as they make in-app and online purchases from small and medium-sized companies across the world.
Paymentwall helps over 200,000 merchants, including LG Electronics, Shopify, Bottega Veneta, Kigo, Wargaming, Tencent, and Samsung to expand globally and monetize new markets. Paymentwall provides its merchants and their end-users support in over 30 languages. Paymentwall is one of the few digital payments platforms to offer a fully-functional chain of call centers, risk and fraud prevention divisions, and merchant support teams that work 24/7, 365 days a year to assist their customers.
How Gaming and Video Entertainment Trends Influence Payments Journeys
Globally, throughout 2020 to date, the video game industry sector has seen a 7.4% increase in sales year-on-year and a user increase of 12.7% year-on-year, and it is forecasted that the market will reach an expected annual sales growth of a further 0.9% as we move towards 2025.
This collaboration is set to expand the virtual media entertainment market even further. Additionally, this partnership will offer cardmembers enhanced fraud protection, speedier transactions, local payment processing and 24/7 in-app help and support functions.
At the time of this announcement, Honor Gunday, CEO of Paymentwall said, “establishing a relationship with JCB has been a key milestone for us as we expand into new regions where we can offer our customers and end-users more advanced payment options. JCB has almost 60 years of insight and understanding when it comes to its cardmembers across countries in Southeast Asia, Japan, China, and Korea. We are happy to be a part of this network.”
Tsuyoshi Notani, Managing Director, JCB International (Europe) Ltd. expresses, “our flexible approach with our partners has enabled us to work alongside Paymentwall to help their mobile entertainment developers and merchants to reach their aspirations too. This collaboration is one that we are particularly excited about as it will support the growing trend and consumption growth of virtual media and home entertainment, which has gained popularity with our cardmembers, especially in recent months. We are both looking forward to unlocking the gateway to Asia for Paymentwall’s online retailers, as well as securing card acceptance for our global cardmembers.”
Currently, JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan.
JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes 34 million merchants in the world. JCB cards are now issued in 24 countries and territories with more than 140 million cardmembers. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide.
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