Smartpay adds MUFG Bank and Fukuoka FG to its “Bank Direct” instant withdrawal feature

Smartpay has added four new partner financial institutions to its “Smartpay Instant Account Debit (Bank Direct)” BNPL service that allows instant debits from bank accounts. This brings the total number of supported financial institutions to 226.

Smartpay and Bank Direct can be used at many merchant partners including Snow Peak, Urban Research, JUN, BEAMS, Onward, AOKI, Lacoste, and more.

The newly added financial institutions for Bank Direct are as follows. Customers with accounts at these banks can connect their bank accounts to Bank Direct, enabling instant account debits and installment payments without needing cash or credit cards when making purchases.

• Mitsubishi UFJ Bank
• The Bank of Fukuoka
• The Juhachi-Shinwa Bank
• The Kumamoto Bank

With this addition, Smartpay Bank Direct is now available at a total of 226 financial institutions, including mega banks like Sumitomo Mitsui Banking Corporation and Mizuho Bank, as well as regional banks and credit unions.

About “Smartpay Instant Account Debit (Bank Direct)”

Developed in cooperation with the Japan Electronic Payment Promotion Organization (JEPPO), Bank Direct partners with various banks and financial institutions in Japan to offer account debit capabilities. Bank Direct users can link their bank accounts to the Smartpay app, allowing them to pay for buy now, pay later and installment purchases directly through account debits, without any interest or fees.

With the addition of these four new partner financial institutions, Bank Direct now supports linking accounts from a total of 226 banks and credit unions to Smartpay. This enables more Smartpay users who don’t have credit cards to make cashless purchases and use buy now, pay later or installment payment options. Unlike many other BNPL services that require users to visit convenience stores for payments, Smartpay offers the convenience of completing all payments through the app.

Furthermore, Bank Direct provides options such as early repayment for installments and the ability to specify different credit cards or accounts for each installment payment, giving users better control over their expenses. We will continue to expand partnerships with more financial institutions to make Bank Direct’s account debit functionality available to more Smartpay users.

Commitment to Security

Through partnerships with Japanese banks and financial institutions, Smartpay Instant Account Debit (Bank Direct) provides high security for consumers who have been hesitant to use digital payments due to security concerns. Smartpay employs industry best practices such as user authentication (eKYC), two-factor authentication, biometrics, and data encryption to prevent fraud and ensure secure payments. Smartpay also implemented 3D Secure ahead of the government’s mandate, prioritizing the security of consumers and merchants. The highly secure Bank Direct supports e-KYC using documents like driver’s licenses, allowing verified users a maximum transaction limit of up to ¥60,000 per purchase.

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