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Business Insider Japan: Mitsubishi UFJ NICOS and SynchroLife Start PoC for Earning Cryptocurrency When Using Your Credit Card

Business Insider Japan recently covered SynchroLife and our announced proof-of-concept test live now in Japan!

Curious about the proof-of-concept test we just announced with Mitsubishi UFJ NICOS in Japan? Keep reading below to learn more! You can also read the original article from Business Insider Japan in Japanese here:

Business Insider Japan — July 25, 2019

Mitsubishi UFJ NICOS and SynchroLife Start PoC for Earning Cryptocurrency When Using Your Credit Card

SynchroLife, the world’s first social restaurant review service that rewards users with cryptocurrency when dining out, announced that it has partnered with Mitsubishi UFJ Financial Group’s credit card subsidiary Mitsubishi UFJ NICOS Co., Ltd. to run a proof-of-concept test campaign that uses payment information for marketing starting July 25, 2019.

During this proof-of-concept test, Mitsubishi UFJ NICOS Co., Ltd. employees can earn a percentage of their credit card bill cashback in “SynchroCoin (SYC)” cryptocurrency when using a NICOS card to pay at NICOS affiliated restaurants.

Once users link their SynchroLife mobile app account and their online credit card account, they can receive cryptocurrency directly within their SynchroLife in-app wallet within 15 days of a purchase at a participating restaurant comes up on their credit card statement.

Up until now, SynchroLife’s cryptocurrency dining rewards required diners to scan a QR code when paying at a participating restaurant. However, this new program simplifies the process by using credit card statements. Diners can receive cryptocurrency whenever they use their credit card without any extra steps.

Please note, diners can only earn cryptocurrency at Mitsubishi UFJ NICOS Co., Ltd. affiliated restaurants during the proof-of-concept campaign, and once the campaign is over restaurants will have to register with SynchroLife if they would like to continue.

The Merits of Partnering with Large Companies

SynchroLife announced a capital and business alliance with Orient Corporation earlier this month on July 17th, and they are expanding their partnerships even further with this new proof-of-concept test with Mitsubishi UFJ NICOS Co., Ltd.

For both Mitsubishi UFJ NICOS Co., Ltd. and Orient Corporation, partnering with SynchroLife allows their companies to offer a new service of cryptocurrency rewards to their credit card users which means an increased amount of card usage at their affiliated businesses.

SynchroLife’s service is a complete results-based compensation advertisement business for restaurants (see our past articles for details) so there is almost no costs or risks for credit card companies to connect it with their existing affiliated business services.

For SynchroLife, partnering with these companies offers the chance to raise awareness of their brand and attract new customers and restaurants. Orient Corporation has 10 million credit card users and over 800,000 affiliated businesses, while Mitsubishi UFJ NICOS Co., Ltd. has over 30 million credit card users and an undisclosed amount of affiliate restaurants.

After the announcement of the capital and business alliance between SynchroLife and Orient Corporation, some consumers took to social media to comment on the service:

“I hope they show us how we can spend the cryptocurrency soon.”

“The appeal of cryptocurrency is that its value changes overtime. After saving up SynchroCoin it would be great if we could pay at restaurants from our in-app wallet.”

SynchroLife’s founder and CEO Tomochika Kamiya answered to these questions and more in an interview with Business Insider Japan!

“Using your cryptocurrency rewards as soon as you get them is boring if you ask me! I hope some of our users can experience what it’s like to hold cryptocurrency and see its value change over time. People with SynchroCoin right now have seen its value grow by almost three times over the past year,” comments Tomochika.

“Of course, ‘using’ cryptocurrency comes after ‘holding’ it and we are working to get that user-friendly model in place as soon as possible. But we’ve decided to team up with payment companies instead of building our own payment business, in part because we want to allow users to experience cryptocurrency,” finishes Tomochika.

SynchroLife’s CEO Tomochika says they are aiming to have 1000 restaurants in the program by the end of 2019. SynchroLife continues to grow its presence in Japan and we look forward to seeing them contribute to the restaurant industry with cryptocurrency and expand into the Fintech realm with new services too.

(Please note that the company name is GINKAN and the service name is SynchroLife. We chose to refer to both entities as SynchroLife in this article for convenience.)



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