The first digital consumer financing business in Japan, Smartpay Bank Direct, allows users to pay for online instalment purchases directly from their bank accounts. Smartpay is a fintech company established in Japan. Through a network of 67 partner banks spread throughout Japan, Smartpay Bank Direct prioritises user security while providing convenience for the customer[1]. The first digital consumer financing company in Japan to make use of open banking is Smartpay.
In June 2021, seasoned business executives who had previously served in executive positions with companies like Instagram, Standard Chartered Bank, Facebook, Stripe, Adyen, and Mastercard in the MENA and Asia Pacific regions formed Smartpay. The founding team has experience in fintech, banking, and digital payments, giving the business the talent necessary to change the digital consumer landscape for customers looking for dependable financial products and payment options. Additionally, they have regulatory and central bank experience, which is essential when creating a financial ecosystem.
Despite being the third-richest nation in the world, Japan still conducts over 60% of its transactions in cash, making it one of the Asian countries with the highest credit card penetration rates

Source: Prnewswire