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Recruit In-Store Payment Service AirPay will Start Accepting COIN+ from winter of FY2021
Sep 15, 2021 | Recruit
Recruit has announced that from the winter of fiscal year 2021, its in-store payment service, AirPAY, will start accepting COIN+. AirPAY is a payment service for stores that supports credit cards, electronic money, QR codes and points. COIN+ is a new mobile payment service provided by Recruit subsidiary Recruit MUFG Business, a joint venture with MUFG Bank. The addition of COIN+ to Airpay makes the payment process even more convenient for consumers and businesses.
With COIN+ available via AirPay, there are 37 methods of payment that can be handled by using a single card reader and either an iPad or iPhone. In fiscal 2020, the ratio of cashless payments in Japan was 29.7% (a on-year rise of 2.9 points)*1 and a new record high as consumers’ cashless payment needs grew even further. By offering AirPAY as an easy all-in-one service covering all payment methods to stores nationwide, Recruit is continuing to resolve inconveniences related to cashless payments.
Research also shows that meanwhile, among the reasons that stores give for having not yet introduced cashless payment is the cost, including a payment handling fee that is typically 3-5%*2. COIN+ has set the handling fee that stores pay at 0.99%*3, keeping costs down.
Furthermore, with the continuation of the novel coronavirus (COVID-19) pandemic, consumer demand for non-contact payments has increased, and many more stores are considering introducing non-contact payment methods such as electronic money and QR codes. With the addition of COIN+ in the AirPAY service, Recruit seeks to further support stores in implementing measures to prevent the spread of COVID-19 by helping them to reduce points of contact with minimal time, effort and cost.
AirPAY began in October 2015 and as of the end of June 2021, the number of affiliated stores had exceeded 228,000*4, a rise of 41.6% from the same time the previous year. It was also ranked as number one*5 for user satisfaction among in-store payment services. The number of affiliated stores in Japan continues to grow across a broad range of industries: beauty, dining, retail and services, as well as via comprehensive collaboration agreements with local governments.
With AirPAY alone, stores can offer both domestic customers and international visitors desired methods of payment, including major international credit cards, rechargeable prepaid IC travel cards, other e-money such as iD, QUICPay and Apple Pay, as well as QR code payments via PayPay, d Barai and AliPay. They can also support shared point programs such as T-POINT, Ponta and d POINT. Handling fees are among the cheapest in the industry. Deposits can be made from three to six times a month, and there are no monthly fixed fees or transfer fees. Feedback from stores that have introduced the service include, “operation is easy, so even new part-timers are able to use it,” “payments by card have risen almost tenfold in one year,” “since we only need one card reader to use the service, it is much neater around the cash register.” Furthermore, if it is used together with the free, easy-to-use, POS cash register app AirREGI, all that is required at the time of purchase is to tap to select the payment method, making the process even easier. There is no need to remember different procedures for each payment method, and it reduces mistakes at the register caused by having to repeat procedures.
About AirPAY: https://airregi.jp/payment/
3. About COIN+
COIN+ is a new mobile payment service from the Recruit subsidiary Recruit MUFG Business. COIN+ is due to be included as a payment option in AirWALLET, a smartphone app and service that Recruit MUFG Business is scheduled to launch in the winter of fiscal year 2021, which provides management of digital accounts, money transfers, and cashless payments all in one place. Users will be able to make payments from digital accounts via QR codes at COIN+ affiliated stores. With handling fees set at 0.99%*6 participating businesses can offer the service with a minimum impact on their revenue. Applications for COIN+ open today and the service will begin in the near future. URL: https://coinplus.jp/
*1. Source: Cabinet Office document “FY2020 Draft Report Related to Priority Measures for the Innovative Business Activity Action Plan”
*2. Source: Ministry of Economy, Trade and Industry, Cashless Payment, Investigative Survey
*3. Payment by QR code is subject to tax. The price including tax is 1.08%.
*4: Own company survey (as of the end of June 2021)
*5: Surveying body: Recruit Lifestyle Co., Ltd.、Survey agency: Intage Inc. (as of February 19, 2020)
Product being surveyed: Cashless payment terminals available at stores in Japan (multi-payment)
*6: Payment by QR code is subject to tax. The price including tax is 1.08%.
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