Wise Aims For Growth With Direct Access To Japanese Payments
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UK-based fintech company Wise has received the green light to access Japan’s bank payment system directly. This move is meant to make transactions better for customers and help Wise grow.
This change might make banks like Mitsubishi UFJ and smaller ones like SBI Shinsei and Sony Bank work harder. Wise is entering into a busy market for money transfer, which could change how people move cash in Japan.
Wise Wants To Make Money Transfers Simple And Cheap
Wise always tries to give customers what they want while following the rules. The company wants to make money transfer to other countries easier, fairer, and cheaper. Its special account helps people and businesses manage their money from anywhere, making the customer experience better and helping the financial world grow.
Money transfer fees Fees have gone down recently, but they still remain a little high. According to World Bank data from early 2024, the average cost to send USD 200 from Japan is the highest among G7 countries at 6.94%.
With access to the Zengin system, Wise can skip the middle banks that usually help with money in Japan. This change is expected to lower fees and make transactions faster for users, making the whole experience better.
Wise said it helps people with money transfers, has business accounts, and gives payment help to banks and companies. The company shared that its fee for sending money around the world is just 0.59%. Plus, the number of customers in Japan grew by 35% last year.
Wise Seeks To Improve Customer Experience In Japan
Wise joining Japan’s payment system is a big deal for the company. This access helps Wise work better and serve customers nearby. By needing less help from regular banks, Wise hopes to lower costs for everyone.
The market for money transfers is changing, and Wise is ready to grab this chance. The company wants to keep thinking of new ideas and helping its users while following the local rules.
Overall, Wise joining Japan’s payment system is super important for the company and its customers. This change is expected to make costs go down, help transactions run smoother, and make the experience exciting for users in Japan. As Wise keeps growing, it promises to give easy and trustworthy money solutions for everyone everywhere.
Wise, formally known as TransferWise, is a financial technology firm based on global money transfer. It was established by Taavet Hinrikus and Kristo Käärmann in January 2011. The company has an office in London.
