Smartpay launches BNPL for Japanese consumers
Japanese all-in-one payment experience Smartpay has introduced an Interest-Free, Pay Later Purchase Offer (BNPL), according to a press release on Tuesday, November 16.
The free, secure and fully automated installment payment option aims to solve payment problems for Japanese consumers, according to the announcement.
Highlighting the need for more BNPL offers in Japan, Smartpay said the country has an e-commerce cart abandonment rate of over 80%, one of the highest in the world. In addition to offering flexible payment options to consumers, the BNPL solution can help retailers increase their conversion rates, the company said.
Smartpay claims this is the first BNPL toll-free payment offer for Japanese buyers with credit cards. There are no registration fees, interest fees, settlement fees, or late fees, according to Smartpay, and equal payments are due in three installments over eight weeks.
Apple Pay and Google Pay are also automatically integrated into the Smartpay platform.
The Smartpay service is the first BNPL multi-merchant, multi-platform, one-click payment service in Japan that allows buyers to pay in 10 seconds, according to the company.
âSmartpay recognizes that merchant anxiety in Japan will lead some retailers to potentially invest in the wrong areas,â said Naoya Otsubo, national director of Smartpay. âWe believe we can help merchants increase conversions and revenue from online sales by 10-20% without having to invest in expensive advertising or infrastructure. “
BNPL is becoming the preferred payment method for buyers nationwide. Zip Co Limited has capitalized on this notion with the â¬ 89 million acquisition this week of BNPL Twisto Payments, according to PYMNTS. The deal will help expand Zip’s offerings with access to the 27 member states of the European Union.
Read more: Australian company BNPL Zip completes acquisition of Twisto
Some companies are looking for niches in the BNPL field. Last week, Arya.ag, an India-based agricultural services platform, launched a BNPL offering to help commodity buyers, according to PYMNTS. Buyers using the service receive up to 25 Indian Rupees INR interest-free credit for two weeks.
See also: Indian AgriTech Arya.ag launches BNPL for commodities