Smartpay has launched Smartpay Bank Direct, Japan’s first digital consumer finance service that allows customers to pay for online installment purchases straight from their bank accounts. Smartpay Bank Direct emphasizes user security while delivering convenience for the consumer, through a network of 67 partner banks across Japan.
Smartpay was founded in June 2021 by seasoned industry professionals who had previously held leadership roles in Instagram, Standard Chartered Bank, Facebook, Stripe, Adyen and Mastercard across the Asia Pacific, and Middle East, and North Africa (MENA) regions. The founding team has worked in digital payments, banking, and fintech which gives the company the right talent to transform the digital consumer landscape for users seeking reliable financial products and payment solutions. They also have experience of working with regulators and central banks which is crucial when building a financial ecosystem.
Smartpay’s application has received wide acceptance from consumers and merchants that prefer beautifully uncomplicated digital payments, which supports the transformation of a cash-based society into a digital one. The company’s strategy was built in two phases. The first phase was focused on financial inclusion, and helping those that don’t have access to credit, to join the digital BNPL economy. It also solved the issue of cash usage and created a platform and an ecosystem to move towards a paperless payment system that would be more efficient.
While currently the focus is on Japan, KSA and UAE markets, in the medium term Smartpay will look towards Singapore, South Korea, Taiwan, and other markets in Southeast Asia and MENA.
Smartpay has spent three years analyzing the success of “buy now, pay later” in homogenous markets and building systems that will be scalable and commercially sustainable. Its engineering and product teams have built the elements that are required for the sustained success of consumer finance. These insights include homing in on the right consumer and linking them to the most suitable merchant. It has also focused on the legacy banks that needed help regaining payment and consumer data of high-income consumers and wanted assistance with digital transformation at in a much quicker time window than the four-year-period they could deliver at. Finally, the right governments and regulators have been identified. These are the ones which need the technology, UX, and value propositions that will help the ecosystem succeed in a profitable, controlled system, in contrast to the boom-and-bust cycles that have negatively affected the industry.
Smartpay is a technology company that aims to improve monthly budget control and the financial well-being of people through smart solutions.