Japan to team up with China on digital payment systems, utilizing a shared QR code system
The Osaka World Expo in 2025 is set to attract a multitude of visitors, and Japan is making significant strides to ensure a seamless payment experience for all. The Payments Japan Association, a key player in this endeavour, is focusing on introducing JPQR, a standardized QR code payment system, to at least 100,000 stores, primarily in the Kansai region.
JPQR, designed to streamline the payment process and improve efficiency, was formulated in accordance with international standards, facilitating cooperation with unified standards in other countries. Currently, approximately 15,000 stores in Japan have installed JPQR.
Yoshio Fukuda, the general director of the Payments Japan Association, discussed the aims and prospects of mutual use of QR codes. Fukuda stated that the goal is to have enough stores for Expo visitors to use JPQR.
Preparations are underway with eight countries, including Indonesia, Cambodia, Singapore, Malaysia, Thailand, and India, for cooperation on JPQR by the time of the Osaka World Expo in 2025. The talks are aimed at allowing joint use of digital payment services with individual Chinese digital payment services such as WeChat Pay and UnionPay.
Discussions with UnionPay as an association are ongoing to allow Japanese travelers to make payments using codes from China. Similarly, cooperation, not counteraction, is the goal with Chinese payment services, as they lack a unified standard.
Japan is collaborating with Thailand, South Korea, and Taiwan to enable the interoperability of their popular digital payment services by 2025. The focus is on introducing JPQR to stores in the Kansai region in preparation for the Osaka World Expo.
A single code will be able to handle payments from hundreds of Asian payment businesses, making transactions quick and convenient for visitors from various countries. The Payments Japan Association aims to create a payment ecosystem that is efficient, user-friendly, and accessible to all.
The article was first published on Nikkei Asia and is republished as part of 36Kr's partnership with Nikkei. As Japan gears up for the Osaka World Expo, the country is making significant strides in digital payment solutions, ensuring a smooth and enjoyable experience for all visitors.
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