Worldline will provide transaction processing, leveraging the footprint, scale, and technology of its global payment processing facilities, while Vesca is the technical enabler that acts as the acceptance layer in the country. Through this set-up, starting to accept credit cards will no longer be cumbersome for merchants, and they can do so at competitive costs, according to the press release.
The basic offering at launch in early 2022, consisting of credit card acquiring, POS card acceptance, and processing, will be enlarged with ecommerce in the future months to come. Merchants will benefit from Worldline’s offering by having a single point of contact for all their payment needs, including fast onboarding.
Japan has a great potential for cashless payments, which is also endorsed by the government. Plans are to double the current rate of 35% of transactions being card-based by 2025. Next to consumer behaviour, a key barrier for the adoption of cashless payments at merchants are the lengthy onboarding processes (up to 6 weeks) and the cost for payment acceptance, as per the data put forth in the press release.
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