DGFT’s QR code payment solution “Cloud Pay” implemented on Square

DG Financial Technology (DGFT) announced that its shared QR code payment solution “Cloud Pay” has been adopted by Square (operated by US-based Block), one of the world’s largest payment platforms. As a result, QR code payments from seven brands, including China-based “Alipay+” and “WeChat Pay”, are now available at Square member stores in Japan.

The ratio of code payments such as QR codes to cashless payments in Japan is expected to expand from 5.6% (2021) to 8.6% (2023), accounting for the second largest share after credit card and debit card payments from 2022 onwards.

Against this backdrop, the expansion of payment services will not only improve the purchasing experience for end users, but will also lead to increased sales and reduced operating costs for businesses, which is why the two companies have decided to collaborate.

“Cloud Pay” provided by DGFT is one of Japan’s largest payment platforms, a bundled QR code payment service that allows users to use multiple code payment services by simply preparing one QR code. End users can make payments by simply opening the payment app they wish to pay with and scanning the QR code, and the ability to centrally manage contracts, settlements, and management of various QR code payment services contributes to the efficiency of many businesses.

Square launched its service in the United States in 2010 and in Japan in 2013. Currently, as one of the largest technology platforms for business owners, it is used by millions of affiliated stores around the world. In addition, Block, the operating company of Square, is a global technology company that mainly deals with financial services. The company consists of Square, Cash App, Spiral, and TIDAL, and develops business tools with the aim of enabling everyone to participate in economic activity.

Through this collaboration, Square end users can use multiple QR code payments by simply reading the QR code displayed on the Square terminal with “Cloud Pay”, and end users do not need to enter the amount, making for seamless and smooth payments. In addition to the domestic QR code payment brands “PayPay”, “au PAY”, “d Pay“ , “Rakuten Pay”, and “Merpay” (total number of users/accounts: more than 200 million), Square will also be able to meet inbound demand from China and other Asian regions by offering overseas payment brands “Alipay+” and “WeChat Pay” (total number of users: more than 2.7 billion).

DGFT will continue to collaborate with Square, utilizing the Digital Garage Group’s assets, to contribute to improving operational efficiency and expanding sales for a wide range of businesses, from SMBs to enterprises.

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