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Is this Japanese Fintech Disrupting the Traditional Credit Market?

    “Key takeaways:”
  • Smartpay offers a cost-free, simple and detailed “buy now, pay later” (BNPL) model for Japanese consumers.
  • With an efficiency of up to 10 seconds checkout time, Smartpay shakes up the credit market in Japan.
  • Despite its relative novelty, it might influence other fintech companies globally to adopt a similar model.

Initiated and based in Nishi, Tokyo, a relatively recent fintech start-up called Smartpay is creating waves in the Japanese credit market. With a unique, forward-thinking strategy and structure, Smartpay offers Japanese consumers a fresh and hassle-free take on credit and payments. They provide a cost-free “buy now, pay later” (BNPL) method that matches with the shopping habits of the modern consumer.

The company’s business model, which is the first of its kind in Japan, encourages customers to make purchases instantly and repay in three equal instalments over eight weeks. This payment model is free from any sign-up fees, interest fees, settlement fees, or late charges, making it an appealing option for customers who are looking for a flexible, interest-free credit solution.

Several factors distinguish Smartpay from other credit organizations in the market. Their BNPL payment solution does not require customers to go through the hassle of paying through a convenience store or bear the expense of any bank transfer fees. It provides a unified cross-merchant, cross-platform, single-click checkout process that speeds up the transaction time to as short as 10 seconds. This quick, simple, and efficient process makes it an appealing option for customers and differentiates Smartpay from its counterparts in the market.

What further sets Smartpay apart is that it does not apply any hidden fees to customers, unlike some existing BNPL offers. It focuses on creating a clear and consumer-friendly payment environment that encourages customers to shop more and worry less about their credit.

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Looking into the future, Smartpay’s potential continues to build. With the current global shift towards digitalization and e-commerce growth, Smartpay’s unique model positions them right at the precipice of a potentially vast market. As the company continues to challenge the traditional credit market, it may prompt similar fintech companies worldwide to consider interest-free credit models.

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