English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 16 October 2019, 16:00 HKT/SGT
Share:
    

Source: JCB
JCB and SOCASH, in discussion to collaborate on a New Cardless Cash Advance Service in locations without ATMs.

SINGAPORE & TOKYO, Oct 16, 2019 - (ACN Newswire) - JCB Co., Ltd., a major global payment brand and leading payment card issuer and acquirer in Japan, is collaborating with SOCASH PTE.LTD., the Singapore based Fintech start-up. and discussing a new cardless cash advance service, which lends particular convenience to Japanese tourists visiting popular locations in Southeast Asian countries.


- How does the SOCASH platform work?

SOCASH converts retailers into a network of 'virtual ATMs'. The goal is to enable safe and convenient access to cash without the need for an ATM visit. Using the app consumers can withdraw money from their accounts anytime at the cash register of a convenience store or other retail outlet without having plastic cards. When users enter the amount of cash and choose the merchant name on their smartphones, and have a QR code displayed on the smartphone scanned at the cash register or scan a QR code displayed by the merchant, the transaction is authorized by the bank and they can receive cash. Since the launch of this service in March 2018, the users of SOCASH reached over 130,000 among a population of 5.6 million in Singapore, and processed over 1.5 million transactions with 1,400 merchants in partnership. The company is now expanding to other ASEAN markets including Malaysia, Indonesia and Hong Kong.

- Collaboration with SOCASH & benefits to JCB users

The JCB collaboration with SOCASH is the first among major international card brands. JCB and SOCASH seek to enhance convenience for JCB cardmembers when they travel overseas and may need access to cash. JCB cardmembers register their credit card information with the smartphone app to use the cash advance service without their cards at locations other than ATMs. JCB and SOCASH are also considering high security measures for this cash advance service with this smartphone app, including adopting a secure authentication methods, to allow cardmembers to use it with reliability and security. With regard to locations for providing services, hotels are also being considered in addition to supermarket and convenience stores. Currently, JCB and SOCASH are planning to start this service outside Japan after spring 2020.

JCB will continue to make efforts to create new services using digital platforms in order to improve customer's payment experience.

About SOCASH
SOCASH.PTE LTD is a Singapore-headquartered company backed by GLORY LTD, Vertex Ventures (VC Subsidiary of Temesek Holdings) and SC Ventures (VC arm of Standard Chartered Bank). For more information: www.socash.io.

About JCB
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information: www.global.jcb/en.

Contact:
JCB
Kumiko Kida
Corporate Communications
Tel: +81-3-5778-8353
Email: kumiko.kida@jcb.co.jp

SOCASH
Dipti Jaiswal / Amrita Ukil
Tel: +65-8339-3149
Email: dipti@redhill.asia / amrita@redhill.asia

Topic: Press release summary
Source: JCB

Sectors: Cards & Payments, Blockchain Technology
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

JCB Related News
Tuesday, 8 October 2024, 12:00 JST
JCB and Nuvei expand global partnership in APAC
Monday, 7 October 2024, 11:00 JST
JCB to offer Google Pay(TM) in Japan
Tuesday, 17 September 2024, 17:00 JST
JCB and Azer Turk Bank launch JCB merchant acquiring operations across the Republic of Azerbaijan
Friday, 30 August 2024, 17:00 JST
JCB and Permata Launch the Permata JCB Ultimate Card
Friday, 30 August 2024, 17:00 JST
JCB and BINDO Launch World's First Metal JCB Card
More news >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575