Seven & i to Cease 7pay Smartphone Payment Service at End-Sept.

Economy

Tokyo, Aug. 1 (Jiji Press)--Japanese retail giant Seven & i Holdings Co. <3382> is set to terminate its 7pay smartphone-based cashless payment service at the end of September, following a series of security breach cases that hit the service introduced only recently, it was learned Thursday.

Seven & i officials, including Vice President Katsuhiro Goto, will announce the decision at a press conference in Tokyo later in the day, the sources said.

The 7pay service, launched on July 1, allows shoppers to pay for goods they buy at Seven-Eleven Japan Co. convenience stores and outlets of other Seven & i group companies via their smartphones.

But numerous cases of unauthorized access have hit the service, with 807 users affected and related financial damage reaching some 38.6 million yen as of Monday.

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