The five-year strategic partnership intends to use Mastercard’s global standard payment network to drive digital transformation in the SMBs and tourism sector.
The deal represents the first of its kind between Mastercard and a Japanese prefecture, as both parties intend to develop a common infrastructure for hassle-free digital payments in the area.
Mastercard’s own cashback programme (Mastercard Travel Rewards) will also be implemented to offer foreign tourists owning a Mastercard card cash rewards as an incentive to spend more at the prefecture’s stores.
Similar to the US-based company, other players in the sector like Visa and Amex have been pursuing digital transformation efforts by launching similar local contactless payments solutions.
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