The news: Payment processor and paytech Worldline will expand its business in Japan through a partnership with local payment service provider Vesca in early 2022, per a press release.
Vesca will act as the acquirer, and Worldline will process payments for in-person transactions. The partnership will eventually expand to cover ecommerce.
Why it’s worth watching: Japan’s dynamic payments landscape makes it an attractive market for Worldline to pursue.
Worldline’s opportunity: Moving into Japan as the market becomes more cashless can position Worldline for strong growth in the coming years.
Japan is still in the early stages of cashlessness compared with neighboring countries like China, where proximity mobile payment users accounted for more than half (62.7%) of its population in 2021, per Insider Intelligence forecasts. Moving in before Japan’s cashless sector matures can give Worldline an early mover advantage. And partnering with Vesca can help it develop a rapport with businesses in the market and potentially open it up to new opportunities in the future.
The bigger picture: Other payment providers have also recently bolstered their presence in Japan, which reinforces the market’s promising cashless development.
Related content: Interested in learning more about payment processors like Worldline? Check out the “Participants in the Payments Purchasing Chain” report.