Following this announcement, the new collaboration is set to give users of the Korean code payment services (including GLN, KEB Hana Bank, and KB Kookmin Bank) the possibility to shop and make purchases at Smart Code merchants in the region of Japan.
As the demand for access to code payment services available in Asia continues to rise in Japan, companies and businesses aim to meet the needs of their customers in order to capture inbound tourism spending. At the same time, the specifications and requirements for code payment solutions vary among payment service providers, as there has been an overall system and operation burden for merchants to adopt code payments.
In response to these challenges, this collaboration is set to enable the overall acceptance of international code payments at the Smart Code merchants in Japan by making GLN’s payment network Smart Code compliant. At the same time, businesses that adopt the Smart Code-provided services will be allowed to accept international code payments without the need for additional contracts, or any system and operational support.
Japan-based international payment brand JCB had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In December 2023, JCB announced the launch of its JCBDC (JCB Digital Currency) Phase 2 pilot project, released and developed in collaboration with IDEMIA and Soft Space. According to the press release published at the time, in Phase 1 of the JCBDC project JCB, IDEMIA, and Soft Space designed a CBDC payment service that was expected to enable merchants and traders to accept the digital currency without the need to modify their POS terminals and payment cards. In addition, the tool was piloted in Japan and offered companies the possibility to proceed to the next phase of the project.
In Phase 2, clients and users were allowed to transfer CBDC funds from one person to another by leveraging their cards and mobile phones, even without access to internet connectivity. The offline P2P fund transfers were done from one card to another with an NFC mobile device as an intermediary, or from one NFC mobile device to another directly.
Earlier in November 2023, JB announced its collaboration with FrenchSys in order to facilitate an improved JCB certification procedure for payment terminals across the region of France. Throughout this strategic deal, the alliance was set to optimise the manner in which banks, terminal manufacturers, merchants, and financial institutions accept JCB Cards by using an integrated certification procedure, which was expected to be hosted by FrenchSys.
French customers did not need to perform an additional Level 3 certification for terminals for accepting contact and contactless transactions from the JCB cardmembers and cardholders. The partnership was also expected to streamline payment terminal setup, which offered traders a competitive edge by enabling JCB’s clients to use cards in their stores and businesses.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now