Japan FTC to Conduct Another Survey on Fintech

Politics

Tokyo, March 29 (Jiji Press)--The Japan Fair Trade Commission will once again conduct a survey in the field of fintech, informed sources have said.

In a survey report released in April 2020, the antimonopoly watchdog pointed out the problem of high interbank remittance fees that might have been interfering with the spread of cashless settlements in Japan, saying that such fees should be reduced.

In the upcoming survey, the FTC will look into whether the substantial lowering of interbank remittance fees in 2021 helped improve cashless payment service providers' business environment and cut money transfer fees shouldered by consumers, the sources said Monday.

Until last year's major cuts, interbank remittance fees in Japan had remained unchanged at high levels for over 40 years. The expensive fees were said to have prevented cashless settlements from spreading in the country as the fees are reflected in the charges paid by cashless payment service providers for remitting sales proceeds earned by client stores to their bank accounts. The costs are passed on to the stores, increasing their burdens.

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