#Japan #Visa #Tokyo #KOTRA #GTPP

Visa and KOTRA Team Up for Innovative Payment Solutions

Visa Worldwide Japan, led by CEO Chetan Kittney, has embarked on a revolutionary project in collaboration with KOTRA (Korea Trade-Investment Promotion Agency) and NHN KCP. Together, they have launched the Global Trade Payment Platform (GTPP) in Japan, marking a pivotal moment in the evolution of trade payments.

Starting June 2024, businesses that hold corporate cards from three participating issuers including Sumitomo Mitsui Card, Mitsubishi UFJ NICOS, and UC Card will gain access to this platform. By enabling the use of cards for transactions with Korean companies, the GTPP aims to streamline and secure the payment process, which has traditionally been fraught with complications.

This initiative is significant as it allows companies to facilitate transactions without needing to navigate the often complex procedures involved in transferring funds. Even when a trading partner in Korea does not accept card payments, businesses can utilize their corporate cards, effectively minimizing the effort and time usually required for these transactions. This contributes to a more accessible trading environment, especially for companies looking to expand their networks and customer bases.

In its earlier announcement on September 13, 2024, Visa highlighted its plans to roll out GTPP in Japan, Taiwan, Singapore, the US, and Mexico—essentially, with this launch, Japan becomes one of the first nations to benefit from this advanced technology. The advantages include real-time approval of payments, immediate conversion rate visibility, and an overall enhancement in payment transparency and speed, especially crucial in cross-border transactions.

Moreover, the GTPP includes a robust fraud prevention framework, which strengthens security measures compared to traditional processes through additional checks during registration. This not only ensures the integrity of transactions but also promotes greater confidence among users.

Visa remains committed to working alongside its partners to foster seamless, convenient, and secure business dealings, continually contributing to the growth of businesses involved. Through these initiatives, Visa aims to connect consumers, merchants, financial institutions, and government entities across over 200 nations.

For more details about GTPP and how businesses can register for this innovative service, interested parties can visit the GTPP website.

About Visa

Visa stands as a global leader in electronic payments, dedicated to connecting consumers and institutions. The company’s mission is to link the world with the most innovative, reliable, and secure payment network. Visa believes that making payment processes accessible to all will enhance lives worldwide and that such access paves the way toward the future of payment solutions. To learn more, please visit Visa.com or www.visa.co.jp, the official website for the Japanese market.