PPRO, a local payments platform-as-a-service, has entered the Japanese e-commerce market. Two Japanese payment methods – Konbini and Pay-easy – join over 150 local payment methods on PPRO's platform, a portfolio that already includes APAC fintechs like Alipay, WeChat Pay, UnionPay, and GrabPay.
The Japanese e-commerce market – boasting a healthy growth rate of 9% pre-COVID-19 – is showing potential for retailers and other merchants that will likely increase during and after the pandemic. Vastly popular local payment methods Konbini and Pay-easy will play a crucial role in boosting sales, helping global and domestic merchants access shoppers in the world's third-largest e-commerce market.
PPRO's integrations with Konbini and Pay-easy offer many benefits for both merchants and consumers. With Konbini, consumers can shop online and pay cash in-store at over 50,000 convenience stores across the country, including 7-Eleven, Lawson, FamilyMart, Ministop, Seicomart and Daily Yamazaki. In a country where a whopping four out of five purchases are made with cash, PPRO's integration will enable consumers who are unable or unwilling to use cards to pay for their online purchases at multiple locations across the country.
Pay-easy also enables consumers to pay offline – with cash and cash cards at ATMs and post offices – or online using a bank transfer. For online bank transfer payments, Pay-easy has the most comprehensive network of banks in Japan with more than 300 banks, including all major brands. By accepting Pay-easy bank transfer payments, e-commerce merchants will enable consumers to check out using a payment method that is the second most popular in Japan.
The ability to make payments through online banking or with cash and cash cards at ATMs will provide consumers with the confidence to shop online without giving personal details or accruing credit-based debt; a vital element of selling to security-conscious and risk-averse Japanese consumers.
"Our expansion into the Japanese market marks the next milestone of PPRO's growth in the APAC region and also outlines our commitment to remove some of the complexities associated with local payments for our global partners. Payment service providers and merchants who are eyeing Japan – or any new cross-border market, for that matter – need to consider some of the specificities unique to that market’s payment preferences," says Kelvin Phua, Global Head of Payment Networks at PPRO.
"With only 6% of Japanese consumers shopping cross border, there is currently a huge untapped pool of shoppers who are yet to participate fully in the global e-commerce market. With the integration of Konbini and Pay-easy, we're proud to introduce more e-commerce options for consumers in Japan and help propel the continued growth of Japanese e-commerce," adds Phua.
Re-disseminated by The Asian Banker