All-in-one Japanese payment experience Smartpay has introduced an interest-free buy now, pay later (BNPL) offering, according to a Tuesday (Nov. 16) press release.
The free, secure and fully automated installment payment option is aimed at solving Japanese consumer payment issues, according to the announcement.
Underlining the need for more BNPL offerings in Japan, Smartpay said the country has an eCommerce cart abandonment rate that exceeds 80% — one of the highest in the world. In addition to offering flexible payment options for consumers, the BNPL solution can help retailers boost their conversion rates, the company said.
Smartpay says it is the first no-cost BNPL payment offering for Japanese shoppers with credit cards. There are no sign-up 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 Japan’s first cross-merchant, cross-platform and single-click checkout BNPL service, which allows shoppers to checkout in 10 seconds, according to the company.
“Smartpay recognizes the anxiety of merchants in Japan will cause some retailers to potentially invest in the wrong areas,” said Smartpay Country Manager Naoya Otsubo. “We believe that we can help merchants increase online sales conversions and revenue by 10 to 20% without having to invest in costly advertising or infrastructure builds.”
BNPL is becoming the preferred payment method for shoppers nationwide. Zip Co Limited banked on this notion with this week’s €89 million acquisition of BNPL firm Twisto Payments, according to PYMNTS. The deal will help expand Zip’s offerings with access to all 27 member states of the European Union.
Read more: Aussie BNPL Firm Zip Closes Twisto Acquisition
Some companies are seeking niches in the BNPL realm. Last week Arya.ag, an Indian-based agriculture service platform, launched a BNPL offering to help those in the commodity buying space, according to PYMNTS. Buyers using the service receive a credit up to INR 25 Indian rupees with no interest for two weeks.
See also: Indian AgriTech Arya.ag Starts BNPL for Commodities
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