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Fintech & Ecommerce

Mastercard signs partnership to ease digital payments in Japan

Jan 18, 2022

This is the first time Mastercard has signed an MOU with a local government prefecture in Japan

Mastercard

Mastercard signs partnership to ease digital payments in Japan. Source: pixabay.com

Mastercard has formed a 5-year strategic partnership with Wakayama Prefecture, according to the press release.

This partnership is expected to play a vital role in rebounding the local tourism industry, which was hard hit by the pandemic.

In preparation for the 2025 Osaka-Kansai World Exposition, which is expected to trigger a resurgence in inbound tourism, the MOU will promote the digitization of payments to create an enhanced experience for inbound tourists.

Mastercard and Wakayama Prefecture will work together to create an infrastructure that enables overseas visitors to make seamless, cashless payments in regional cities.

Work will be done to expand the implementation of global standards in Wakayama, with the aim of promoting cashless transactions and digital transformation in payment and settlement operations among SMBs in the prefecture.

Wakayama Prefecture and Mastercard will promote the implementation of international standard cashless payments systems, including the introduction of contactless payments using IC cards and smartphones.

Additionally, both parties will promote efficient payments operations at companies in the prefecture through the use of technologies such as virtual cards, which allow companies to issue unique virtual account numbers with set usage conditions to optimize accounts payable efficiency, reconciliation processes and data analysis. This is expected to streamline billing operations, reduce the risk of uncollected payments, and expand sales opportunities to new customers.

I am pleased to announce that Wakayama Prefecture is the first local government in Japan to sign a partnership agreement with Mastercard, one of the world's leading technology companies, to attract domestic and overseas visitors and to increase consumption in the prefecture. We are looking forward to promoting Wakayama’s colorful tourism resources, developing attractive contents, and promoting the cashless payment system in anticipation of the end of the COVID-19 pandemic. We are confident that Mastercard, with its rich knowledge of international travel and consumer trends and its extensive network of overseas credit card companies, will be a strong partner for our prefecture. Through this MOU, we will work closely together to promote tourism and other sectors in our prefecture, and to ensure the sustainable development of both parties
Yoshinobu Nisaka, Governor of Wakayama Prefecture

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