Introducing Smartpay: The Fastest Growing Fintech in Asia

Named one of the fastest-growing fintech companies in Asia, "Smartpay" is revolutionizing the Japanese Buy Now, Pay Later (BNPL) industry with its one-click BNPL service.

We sat down with the team at Smartpay to talk about their industry-leading service, their mission, why Smartpay was made, and their culture.

Here is the full video:

The rise of BNPL services in Japan

Before we go through their interview, here is an explanation about BNPL and why demand for the service is rising in Japan.

For an in-depth look at FinTech industry trends in Japan - check out our previous blog!

Japan was one of the first countries to start adopting cashless technologies like the IC card. So you might be surprised to know that, they are behind most countries in BNPL services.

The demand for BNPL services in Japan is partly attributed to the exponential growth of Japan’s e-commerce industry. With more competition, companies are looking to make the customer journey as seamless as possible, decrease cart abandonment, and increase the average unit price.

Japan is also known to be a few years behind other markets. With BNPL services’ huge success in other markets, what’s to say that the same success can’t be achieved in Japan?

What is Smartpay?

Smartpay offers a fees-free, three-installment Buy Now, Pay Later service that's accessible to consumers across major EC platforms and over 200 domestic companies.

What makes Smartpay unique is that only one click is needed - making it easy for consumers to use.

Rather than taking interest or fees from the customer, Smartpay is paid a usage fee from the merchants, which allows them to provide shoppers with a stress-free shopping experience, with absolutely no fees and interest.

Why was Smartpay created?

To quote Sam Ahmed, Smartpay’s CEO and Co-founder, - “Smartpay was created from the team’s passion for financial UX. That means creating a fast, simple, secure financial solution for the Japanese consumer.”

What is Smartpay’s mission?

Naoya Otsubo, Smartpay’s Cheif Revenue Officer and Managing Director, described the mission as this:

“At Smartpay, our mission extends beyond transactions.

We aim to foster a healthy mind and body from a financial perspective.

We understand the financial challenges posed by the rise of goods and the depreciation of the yen. We are heading into a situation where people are unable to buy the things they want when they want, and with that comes stress for both the consumer and the merchant. But by providing you with our BNPL service, it means people can now buy what they want when they want. “

What is Smartpay’s culture like?

Naoya Otsubo gave us some insight into the culture they are creating at Smartpay:

Our commitment to financial well-being is also spread to our internal culture. We want to create an environment where people are caring for one another and can lend a helping hand to those in need.

The team at Smartpay consists of many known professionals from their respective fields. This means you can work alongside and consult professionals while working at the forefront of the industry. A unique experience that you cannot experience often.

You will also find that working in a growing company means, all team members' opinions are heard, and any areas that need improvements will be worked on. The effect you have on the company is very apparent and makes you feel like you are contributing to the company.

Smartpay's Impact: Success Stories

Smartpay is changing how we shop, one store at a time.

Famous apparel store, Urban Research, decided to implement Smartpay for the e-commerce site, after looking for ways to decrease add-to-cart conversion rates and increase average purchase price.

As a result, after implementing Smartpay, they saw a 60% increase in the average purchase price.

By implementing Smartpay, Urban Research was able to decrease the friction in the customer journey, which has in turn led to an increase in sales. A win for both the customer and the store!

For the full case study, head over to their website!