ECONTEXT, INC. (HQ: Tokyo; Representative Director and President: Keizo Odori; ECONTEXT), a payment service provider and subsidiary of Digital Garage, Inc. (TSE first section: 4819; HQ: Tokyo; Representative Director, President Executive Officer and Group CEO: Kaoru Hayashi; DG) will offer Seven Bank's "ATM Uketori"*1 as a new cash withdrawal option in its BtoC wire transfer service, CASH POST (https://www.econtext.jp/lp/cashpost/), from June 2020. "ATM Uketori" is a service from Seven Payment Service, Ltd. (HQ: Tokyo; President and Representative Director: Satoshi Wada; Seven Payment Service), a subsidiary of Seven Bank, Ltd.
When the Payment Services Act*2 came into effect in April 2010, ECONTEXT was registered as a Funds Transfer Service Provider in 2011 with the Financial Services Agency (registration number: Kanto Local Finance Bureau Chief 00030). CASH POST was one of the first wire transfer services in the industry. With this service, business operators can quickly send wire transfers to customers just by registering an e-mail address. There is no need to acquire or handle any personal information, such as bank account information.
With Seven Bank's "ATM Uketori" service, users can complete the wire transfer procedures and withdraw cash at a Seven Bank ATM. Three cash withdrawal services were previously offered via CASH POST: online bank transfer, docomo Kouza*3, and cash withdrawal at Lawson stores. With the addition of Seven Bank's "ATM Uketori" service, consumers can receive cash at more than 25,000 Seven Bank ATMs, including those located at 21,000 7-ELEVEN stores. In addition to the increase of the number of service locations, it will significantly improve consumer convenience as cash can be withdrawn from ATMs 24 hours a day in principle.
CASH POST offers multiple methods to register wire transfer information and options to deposit a fund, which are designed to correspond with the business operator's scale and operation structure. It allows business operators to significantly cut wire transfer processing costs and labor, while also making it possible for consumers to withdraw cash more easily and in less time. CASH POST has lower handling fees than past methods, such as postal orders, deposit certificates, and registered mail, and no monthly fees are charged. This service is used by more than 400 e-commerce sites and services*4, with a broad range of applications including refunds provided for customer returns from online and offline shopping, event cancellations, and suspended public transportation operations. It is also utilized for cash-back promotions, prize money, reward money, point redemption and more.
■ Future developments
ECONTEXT offers services related to financial transactions between business operators and consumers, from payments to wire transfers. It will continue contributing to the realization of a reliable, safe, and convenient cashless society by providing more convenient payment solutions.
*1: ATM Uketori: A cash receipt service not through a bank account.
*2: The Payment Services Act regulates fund transfers other than banking, as well as certificates and electronic money such as gift certificates and prepaid cards.
*3: docomo Kouza: A virtual wallet service from DOCOMO for shopping and wire transfers. It can be used to pay for online shopping and other purchases, as well as for wire transfers.
*4: As of December 31, 2019
A payment provider that handles online payment initiatives within the Digital Garage Group. Through the efforts of ECONTEXT and VeriTrans, another company beneath the DG umbrella, the DG Group has become one of Japan's largest online payment providers and is now expanding into a global online payment platform covering not only Japan, but overseas markets as well, with a particular focus on Asia. ECONTEXT has also been a pioneer in the use of convenience store kiosks for realistic payment settlement, operating the wire transfer service CASH POST and other efforts in the field of financial transfers.