Corporate payments solutions provider WEX is bringing its virtual payments technology to Japan under a new partnership with JCB.
The agreement makes WEX JCB’s first issuer of virtual cards and enables new functionality on the JCB network. The program is expected to launch in the second half of 2019.
WEX corporate payments president Jay Dearborn said: “The JCB collaboration represents WEX’s commitment to expanding our presence in the Asia market, and entering Japan is an exciting step for us.
“It is a continuation of WEX’s long-term strategy and goal to be the only technology partner in virtual payments that offers multiple payment schemes to businesses.”
The JCB International agreement is the latest in important alliances that WEX has recently made. WEX’s global presence and proven commitment to innovation in payments solutions make it an optimal partner for established networks that stake their reputation on trust and technology.
JCBUSA president and COO Ryuji Shinzawa said: “We’re thrilled to be working with WEX in Japan. The innovative technology of the WEX platform plus JCB’s merchant acceptance reach in Japan and throughout Asia make this an ideal partnership.”
The Asian payments market shows considerable opportunity with data points from WEX’s latest Payments Pulse survey pointing to rapid adoption of e-payables solutions. Around half of the surveyed businesses in Asia/Oceania (43 percent) have already implemented an electronic payables initiative, and more than a third (42 percent) have one underway. The majority (85 percent) of those who say they have a payables initiative underway are working to launch it in the next six to 12 months. And almost all of the surveyed businesses in Asia/Oceania (94 percent) that have implemented a payments initiative or plan to do so, consider vendors outside of current banks or financial institutions a viable option.
Source: Company Press Release.