GLN Cross-Border Payment Service is Live in Japan
We have expanded our global alternative payment hub, Global Loyalty Network (GLN), to Japan. From February 11, 2020, GLN users can make seamless and in-expensive cross-border payments at GLN affiliate stores throughout four countries, including Japan, Thailand, Taiwan and Vietnam.
Japan will host the 2020 Olympic and Paralympic Games this upcoming July, and the number of foreign tourists will inevitably increase during this period. In partnership with our Japanese partners, GLN aims at giving to the upcoming tourists “a seamless, inexpensive cross-border payment experience”.
GLN is also going to launch a cardless cash withdrawal service at ATMs in Japan in the second quarter of this year. Subsequently, GLN will enable Japanese e-wallets to make payments overseas, expanding our partners in Japan and around the world.
According to the predictions of payment analysts, the usage of e-wallets, a form of electronic stored value which is used for transactions made online or in-store through digital devices, will increase, and it is expected to become one of the most preferred payment methods alongside credit and debit cards.
GLN will serve as an integrated hub platform enabling cross-border payments and providing services to the users and companies globally.
GLN is a Global Alternative Payment Hub that involves a total of 58 companies from 14 countries around the world. It provides an integrated platform to connect financial institutions, retail companies and loyalty point operators around the world to a single network, allowing them to freely transfer digital assets and e-money globally. GLN will provide services to enable online and in-store mobile payments, remittances, and ATM cash withdrawals via mobile without border restrictions.
Besides Hana’s banking app, 1Q and loyalty program/e-wallet app, HanaMembers, GLN has strategically partnered with key players in the payment industry in Korea. For instance, the retail giant Shinsegae Group (SSG Pay), the largest P2P money transfer company (TOSS), and SK Telecom’s e-wallet (SK Pay). Also, in collaboration with Japanese, Taiwanese and Thai financial institutions, a number of GLN users is quickly growing.
Park Jung Woon
Head of Global Digital Center of Hana Bank,
Hana Financial Group