Japan’s Smartpay launches open banking digital payments service
Japanese fintech Smartpay has launched Smartpay Bank Direct, the country’s first digital payments service that offers installments directly from users’ bank accounts.
Smartpay launches Smartpay Bank Direct
Through the new service, Smartpay claims it is Japan’s first digital consumer finance company to utilise Japan’s open banking system, with a network of 67 partner banks across Japan.
The digital payments service supports both credit cards and direct debit through an automated, single-click user experience at the point of purchase, with no additional fees or interest for consumers.
Founded in June 2021 and headquartered in Tokyo, Smartpay says it is focused on financial inclusion by offering an interest-free buy now, pay later (BNPL) solution to those who don’t have access to credit, and help the transition to a cashless economy. Its investors include Global Founders Capital, Matrix Partners and SMBC VC.
Smartpay’s founder and CEO Sam Ahmed says, “Since the launch of Smartpay just over a year ago, as Japan’s first BNPL solution payable by credit card, we have continued to expand our partner ecosystem with new retailers and an expanding customer base with revenue growth over 200% in the last three months.”
The start-up says its current focus is on Japan, along with Saudi Arabia and UAE markets. In the medium term, it says it will look to expand into Singapore, South Korea, Taiwan and other markets in Southeast Asia and the MENA region.
