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HONG KONG, Feb 5, 2015 - (ACN Newswire) - VeriTrans Inc. ("VeriTrans"), an online payment solutions provider in Japan and a subsidiary of econtext Asia Limited ("econtext ASIA") (HKEx: 1390), has collaborated with leading companies in Japan, Credit Saison Co., Ltd ("Credit Saison"), Orient Corporation and LIFE GUARANTEE CO., LTD, to launch a new payment service, "Ceremony Pay," for funeral ceremony-related services. At the initial stage, the four companies are to provide credit card and loan financing services to funeral customers. In the future, the four companies will continue to expand the payment and financial services for the funeral market and gradually expand the services to the wedding ceremony market.
 | | econtext Asia Collaborates with Leading Companies in Japan to Launch a New Payment Service for Funerals |
In Japan, in 1990 the number of deaths of the year was approximately 0.82 million, and by 2013 the number had increased by approximately 1.5 times to reach 1.26 million (*Note 1). With an aging population, it is expected that this number will peak in 2042. Therefore, the demand for funeral services continues to increase. Funeral services in Japan are very expensive and the average cost is approximately JPY1.26 million per funeral (*Note 2). Funeral costs are generally required to be settled in cash within one week after the funeral ceremony.
As it is difficult for a majority of people to make such a single instalment cash payment, plus as the funeral market size continues to expand, econtext ASIA and its three partners have collaborated to launch "Ceremony Pay." Its principal advantage is to offer flexible payment methods in order to address customers' urgent need of funds before and after the funeral ceremony, and payment services to funeral service companies. In addition to cash, customers may also choose credit card payments, credit card loans or other financing services designed for funeral services using "Ceremony Pay." In addition, if funeral customers fail to make scheduled payment for the funeral expenses, "Ceremony Pay" provides a guaranteed payment to funeral services companies.
VeriTrans will provide a full range of technical support for "Ceremony Pay" using its services "VeriTrans 3G" (*Note 3), mobile payment system "mPOS" (*Note 4) and telephone response system "IVR Payment Solution" (*Note 5). Credit Saison will provide instant credit card application services across 46 locations nationwide in Japan and provide instant credit card loan application service via telephone. Orient Corporation will provide credit card service designed for funerals via its cooperation with funeral service companies, hence providing support for funeral customers in need of urgent funds. LIFE GUARANTEE CO., LTD, on the other hand, will provide guarantee payback services to funeral service companies if customers using credit card instalment service fail to make scheduled repayment. "Ceremony Pay" has no initial fee or monthly fee, so customers may apply to use the services without much burden.
*Note 1: Data from Japanese Ministry of Health, Labor and Welfare
*Note 2: Data from Japan Consumers' Association, 2010
*Note 3: VeriTrans 3G is a next generation multi-method payment service platform that enables merchants to receive payments for transactions by a variety of payment methods such as credit card, bank transfer, convenience store, eMoney, carrier payment, point-of-sale and international payment network by implementing a single bundle system. When a new payment method becomes available, it can be easily added without having to reconstruct the existing system.
*Note 4: VeriTrans mPOS is a mobile point-of-sale device enabling payment by smartphone launched by VeriTrans in August 2013. VeriTrans mPOS consists of a smartphone application and a card reader device, enabling the merchant to accept credit card payments by installing the VeriTrans mPOS application and connecting the mPOS card reader to the audio jack of a smartphone.
*Note 5: The IVR Payment Solution is the first in the industry ASP-type of payment service using an interactive voice response (IVR) system. The IVR system automatically responds to and processes the credit card information as entered directly by end-customers without the presence of call operators, reducing the risks of human error in inputting credit card information and/or of such information from being abused by call operators. On a call with a merchant equipped with an IVR system, 1) an end-customer will be switched over to the IVR system when providing his/her credit card information and the entered information is processed automatically. 2) The merchant on the other side of the line will therefore have no access to the customer's credit card information, which is stored in VeriTrans' highly secured server.
About econtext Asia Limited
Established in September 2012 in Hong Kong and listed on the Hong Kong Stock Exchange in December 2013, econtext ASIA (HKEx:1390) is an intermediate holding company under Digital Garage Group. Digital Garage Group's payment segment is operated by econtext ASIA through subsidiaries including VeriTrans Inc., a leading credit card payment service provider in Japan; and ECONTEXT, INC., a leading convenience store payment provider in Japan. To further develop e-commerce payments and related infrastructure services, econtext ASIA also holds interests in VeriTrans Shanghai Co., Ltd., a joint venture in China with the largest local payment service provider; in PT. Midtrans, a company established in Indonesia through alliances with a local conglomerate and other partners; in Citrus Payment Solutions, a major online payment service provider in India; as well as Sendo, an online marketplace business and online payment business in Vietnam. econtext ASIA is dedicated to provide comprehensive payment solutions with a focus in Asia.
Company website: http://www.econtext.asia/
About VeriTrans Inc.
VeriTrans is a subsidiary of econtext Asia (HKEx:1390), a Digital Garage Group company, and one of the market leaders in the online payment solutions industry in Japan with well-established infrastructure and clientele. VeriTrans develops and provides system tools and services that are friendly to both online merchants and end-customers, enabling e-commerce players to focus on their own business. VeriTrans, together with ECONTEXT, INC., another market leader in Japan (and also a subsidiary of econtext Asia), continues to expand its market share in Japan as well as overseas with a focus in Asia.
Company Website: http://www.veritrans.co.jp/
Twitter: https://twitter.com/veritrans_group
Facebook: https://www.facebook.com/veritransgroup
About Credit Saison Co., Ltd
A leading credit card issuer in Japan, with its customer-oriented service, Credit Saison had independently developed a variety of new services, and has issued its credit card brand "SaisonCard" and "UCCard" to as many as 35 million users. Using this customer platform, Credit Saison collaborates with other companies to provide financial, network and overseas-related services to its customers.
Company Website: http://www.saisoncard.co.jp/
About Orient Corporation
Started to provide credit card services since 1954, its main services include credit card service and bank guarantee service. It has expanded its services to include e-commerce payment systems, credit card loan collection agency business and other related businesses. Since 1997, it has started to provide credit card payment system and shopping credit system called "Orico Web Credit" to over 2000 alliance companies. In January 2014, it has added a new web integrated payment system "OricoPayment Plus," responding to the market demand and the significant growth of the e-commerce market.
Company website: http://www.orico.co.jp/company/
About LIFE GUARANTEE CO., LTD
Since April 2013, it has begun to provide guaranteed payback service with customers using credit card installment service. It also provides a variety of services including loan collection agency business and bank transfer agency business. Its main customers include schools and companies in the beauty industry and it provides payment installment services suitable for customers' needs.
Company website: http://www.lifeguarantee.co.jp/
For press enquiries:
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Caley Chan +852 2114 4950 caley.chan@sprg.com.hk
Sunny Liu +852 2114 4955 sunny.liu@sprg.com.hk
Fax: +852 2527 1196
Website: www.sprg.com.hk
Topic: Press release summary
Source: econtext Asia Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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