Global corporate payments solutions provider WEX has announced a new partnership with JCB, Japan’s only international payment brand, to expand WEX virtual payments technology into Japan.
The agreement makes WEX JCB’s first B2B issuer of virtual cards and enables new functionality on the JCB network. The program is expected to launch in the second half of 2019.
The Asian payments market is expected to experience rapid adoption of e-payables solutions, according to WEX’s latest Payments Pulse survey.
Around half of the surveyed businesses in Asia/Oceania (43%) have already implemented an electronic payables initiative, and more than a third (42%) have one underway. The majority (85%) of those who say they have a payables initiative underway are working to launch it in the next six to 12 months.
And almost all of the surveyed businesses in Asia/Oceania (94%) that have implemented a payments initiative or plan to do so, consider vendors outside of current banks or financial institutions a viable option.
“The JCB collaboration represents WEX’s commitment to expanding our presence in the Asia market, and entering Japan is an exciting step for us,” WEX Corporate Payments president Jay Dearborn said.
“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.”