- SenangPay, an online payment processor, allows JCB understanding.
- to encourage Soft Space in various industries, such as in-flight payments.
Soft Space Sdn Bhd, a leading fintech-as-a-service ( FaaS ) provider, and JCB International Co, Ltd, the international operations subsidiary of JCB Co, Ltd (JCB), announced the launch of the first ever JCB payment gateway in Malaysia.
Following their successful central bank digital currency ( CBDC ) trial in December 2023 and the recent agreement allowing JCB acceptance for all Hong Leong Bank merchants, Soft Space said it regards this as a significant milestone in its strategic partnership with JCB.
Leveraging JCB’s strong global community and Soft Space’s technical knowledge, the JCB payment gateway aligns with the global shift towards varied electronic transactions, meeting the market’s demand for protected, innovative payment options.
In this situation, Soft Space provides an Application Programming Interface ( API ) specification that makes it possible for acquirers and payment processors to quickly and effectively give their retail merchants access to JCB’s network of over 156 million cardmembers worldwide as of September 2023 ( where annual transaction volumes exceed 43 trillion ( US$ 278 billion ) between April 2022 and March 2023 ) without having to establish a direct connection to JCB themselves.
Malaysia is the most popular nation in Southeast Asia in 2023, according to the start of the JCB pay gate. Not only will this make cross-border payments more convenient, secure and seamless, it aligns well with our broader goal to promote Soft Space’s technology in other verticals such as transit and in-flight payments globally, ” said Joel Tay ( pic ), Chief Executive Officer of Soft Space.
E-commerce merchants stand to benefit greatly from this development, especially those in the tourism sector. Japanese tourists are increasingly purchasing attraction tickets and booking accommodation via e-commerce merchants. If the merchants can start accepting JCB payments through payment facilitators, they are well-placed to capitalise on the rapidly growing international e-commerce spending by JCB cardmembers, which has increased by 52% from 2021 to 2022[1]. Figure I do not want to leave during the pandemic
Yoshiki Kaneko, President and CEO of JCB International Co, Ltd said: “Looking at the behavior of today’s shoppers, online shopping has become an essential part of their daily lives and also the primary source of growth for all companies, including JCB. This pattern is particularly prevalent since the crisis. To capitalize on the expanding business prospect in the e-commerce industry and to improve the experience for our JCB cardmembers and retailers, we are thrilled to launch the new work along with Soft Space. We can now have even greater assurance that our relationship with Malaysia’s top banking companies is essential to success thanks to this milestone in our strategic partnership with Soft Space. ”
Following the onboarding of senangPay, as the first JCB payment gateway part, Soft Space will expand the training of another acquirers and pay facilitators in the APAC area and past, promising greater effectiveness, security, and convenience for both merchants and JCB cardmembers.
By removing obstacles to making or accepting payments, we at SenangPay promote ease in business development. Integrating JCB Card understanding into senangPay’s habitat marks a major step for our stores, ” said Mansor Abd Rahman, CEO of senangPay. “Offering different payment options, while allowing consumers to pay using their desired methods, not just expands senangPay’s variety of transaction solutions, but also enables our merchants to join with Japan’s tourists and expatriates in Malaysia. ”
This achievement between Soft Space and JCB is more than just a milestone in their strategic partnership; it also demonstrates Soft Space and JCB’s shared commitment to changing the global payments landscape.