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PChome’s 21st FinTech Moves Into Japan’s Fintech Scene With Payment for Takeover
On July 24, 21st Century Financial Technology Corporation, the fintech subsidiary of PChome (hereafter referred to as “21st FinTech”), announced that it will invest in the Japanese payment service provider Payment for (formerly Metaps Payment) and establish a strategic partnership.
As part of this transaction, 21st FinTech will acquire preferred shares issued by Japan’s MPI Inc. for 9.2 billion yen (approximately $62.4 million USD), giving it a 65 percent diluted equity stake. Through this deal, 21st FinTech will also obtain full ownership of Payment for, which is wholly owned by MPI Inc.
In September last year, 21st FinTech became one of the companies selected to participate in the Tokyo Stock Exchange’s pre-IPO advisory program, along with NextDrive, Ubitus, and KKday. By expanding its payments ecosystem in Japan and Asia, 21st FinTech aims to further strengthen its cross-border service capabilities. The company is also actively integrating its group businesses and expanding its operations, which will be important steps before going public.
Who is Payment for, the Japanese Payment Company Receiving the Investment?
Payment for was founded in 1999 and is a key driver of Japan’s digital payment infrastructure. It ranks among the top 10 payment service providers in the country. In 2024, its total processed transaction volume (TPV) surpassed 300 billion yen (about $2 billion USD), serving more than 10,000 merchants and generating approximately 2.7 billion yen (approximately $18.3 million USD) in annual revenue.
However, compared to PayPay, the market leader in Japan, Payment for still has significant room to grow in both transaction volume and the number of merchants served.
It is important to note that these comparisons are not entirely accurate because PayPay focuses on mass-market retail transactions, while Payment for specializes in membership fees, ticketing, and bill payments.
Payment for offers a range of products, including payment solutions, modular platforms, and credit services. Its key products include the membership fee tool “Kaihipay,” the ticketing platform “Ticket Pay,” and the real-time payroll service “CRIA.” Payment for also provides customized application systems tailored to different industries. Current use cases include ticket management for concerts and various online or offline events, as well as membership management and fee collection for venues such as gyms and tutoring centers.
From its product portfolio, it is clear that Payment for operates more like a “Payments-as-a-Service” provider.
On the other hand, 21st FinTech’s TapPay brand has been deeply engaged in third-party payments and payment gateway solutions in Taiwan. With its cross-site seamless payment technology, TapPay provides a fast payment experience for both online stores and consumers. The company has also developed AI-powered device fingerprinting technology for fraud risk detection and monitoring.
By integrating Payment for’s long-standing payment solutions in Japan, both companies will be able to provide cross-border payment services for merchants in both Taiwan and Japan, helping businesses expand into overseas markets quickly.
Cashless Payments Account for 42.8% in Japan, with Room for Growth
According to statistics from Japan’s Ministry of Economy, Trade and Industry, the cashless payment ratio in Japan was only about 42.8 percent in 2024. This is lower than neighboring markets such as China, South Korea, and Taiwan.
However, thanks to ongoing efforts by the Japanese government, the overall market has been growing steadily. The cashless payment ratio has risen significantly from 26.8 percent in 2019. The government regularly reports and updates the cashless ratio, with a long-term goal of increasing it to 80 percent.
With this trend, Japan’s cashless payments market is expected to continue growing steadily. Through its strategic investment in Payment for, 21st FinTech has an opportunity to enter the Japanese market, which holds significant potential and long-term growth opportunities.
This article is republished with permission from the BusinessNext Media Editorial Team. Original title:[PChome旗下21st FinTech宣布投資這家日本支付業者！Payment for是誰？]
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