Global financial services specialists FIS has been selected by JCB, to utilise its Payments One switching and acquiring services. 

The collaboration builds on the increasing desire for speed and efficiency, enabling cross-border QR-code payments. 

Furthermore, the Worldpay from FIS 2020 Global Payments Report found that digital wallets now account for 58 percent of regional eCommerce purchases and are expected to reach almost 70 percent by 2023. Digital wallets also now surpass cash at the point-of-sale, accounting for 36 percent of in-store sales in 2019.

Kenta Seya, Executive Vice President, Global Network Implementation Department at JCB Co emphasised: “Improving the customer experience across the market is our number one goal. 

“By creating a cross-border solution, we look forward to creating a more consistent experience for JCB card members as they travel, allowing them to pay using their preferred method, no matter where they go. Working with FIS will give us the broad reach to their partner banks globally to achieve the goal.”

JCB outlined that the decision to choose FIS was partly driven by the firm’s global footprint, deep network of local acquiring licenses, and for the advanced capabilities of FIS’ Payments One switching and acquiring services platform.

The FIS Payments One switching and acquiring services platform is customizable across a range of device and payment types. With this new payment method integrated into the platform, FIS partner banks can quickly and easily enable JCB QR Code Payment for their client base.

JCB plans to first use the Payments One switching and acquiring services platform to handle QR payments between Vietnam and Thailand, with plans to roll out across the APAC region.

Mahesh Ramamoorthy, Managing Director, Banking Solutions, FIS added: “By integrating QR payments for JCB cardholders through our Payments One switching and acquiring services platform, our partner banks will now have a way to deliver QR-based payments faster than before.”

Expert Analysis: As the focus on efficiency, security and speed heighten, utilising QR-code payments means this partnership is in a strong position to boost engagement within the Japanese market.