Stripe is announcing a series of investments in the Japanese market, led by what it calls an industry first partnership with JCB.
The online payments processor said the agreement will provide several important benefits for businesses and other users, and expands on an existing relationship that began in 2018, according to a press release. Benefits include:
- Stripe will have automated onboarding, allowing businesses to accept online payments with JCB in a matter of days rather than weeks. This applies whether they are a marketplace using Stripe Connect, a SaaS platform using Stripe Billing or an online seller using Stripe Checkout.
- Stripe will offer the fastest payout cycle in Japan, meaning eligible Stripe-powered businesses can get money in their accounts in days, rather than the industry standard of one month.
- Stripe will provide global acceptance for JCB, meaning millions of businesses in the U.S., Canada, New Zealand, Australia and additional countries that will be announced, will be able to accept payment from JCB cardholders.
Stripe also announced the opening of an engineering office in Tokyo, where it will focus on expanding capabilities in the Japanese market. This will include the ability to make domestic bank transfers and Konbini payments, which allow consumers to order goods online from convenient stores and pay the store directly in cash.
“Stripe has long been the best payments platform for fast growing Japanese businesses and for international companies wanting to operate in Japan,” Daniel Heffernan, representative director and head of engineering at Stripe said in the release. “It’s the most robust, secured and fastest innovating payments infrastructure in the world.”
Lastly, Stripe announced the hiring of veteran Apple executive Daisuke Aranami for the role of representative director of revenue and head of growth for Stripe in Japan.