Japanese card issuer JCB has signed an agreement to expand WEX’s virtual payments technology into Japan.
Under the arrangement, WEX will issue JCB virtual cards across Japan from the second half of next year.
A recent survey by WEX revealed emerging opportunities for e-payables solutions in Asian market.
Nearly 43% of the businesses analysed during the Payments Pulse survey have already rolled out an e-payables initiative. Furthermore, over 42% are in the process of implementing one.
Around 85% of the businesses with a payables initiative underway are planning for a commercial launch in 6-12 months.
WEX Corporate Payments president Jay Dearborn said: “The JCB collaboration represents WEX’s commitment to expanding our presence in the Asia market, and entering Japan is an exciting step for us.
“It is a continuation of WEX’s long-term strategy and goal to be the only technology partner in virtual payments that offers multiple payment schemes to businesses.”
JCB USA president and COO Ryuji Shinzawa said: “The innovative technology of the WEX platform plus JCB’s merchant acceptance reach in Japan and throughout Asia make this an ideal partnership.”
In September this year, WEX entered into an alliance with Troovo Technologies for robotic automation of its virtual cards generation in the Asia Pacific region.