TMN Begins Efforts to Support Cross-Border Payments in Anticipation of Inbound Tourism Recovery

Transaction Media Networks, Inc. (TMN) has announced that it has signed a basic agreement on a business alliance for cross-border payments with CardInfoLink Inc. (CIL) and EVONET Global Pte. Ltd. (EVONET Global).

Background and purpose

This agreement was signed to expand TMN's existing payment services and collaborate with EVONET, a global network that connects payment service providers throughout Asia to support cross-border payments, in anticipation of the increase in electronic payment demand from overseas due to inbound tourism recovery in Japan after the Japanese government reclassifying COVID-19 to Category 5 of Act on the Prevention of Infectious Diseases and Medical Care for Patients with Infectious Diseases, as well as planned international events such as Osaka-Kansai Expo 2025.

By linking TMN's payment service with EVONET, Asia’s QR/Bar code payment brands that EVONET connects to will be added to TMN's accepted services. Retailers that adopt TMN's cross-border payment service will be able to accept international travelers’ QR/Bar code payment that they use in their home country right here in Japan, dramatically improving the convenience of domestic consumption.

TMN plans to gradually support major payment brands in Singapore, Taiwan, Hong Kong, Thailand, and other countries in the near future.

TMN and CIL are already collaborating on the provision of Alipay+ and WeChat Pay as part of TMN's payment services, and the two companies are aiming to further expand their collaboration to provide secure and convenient payment services without limitations across borders.

What’s Next?

TMN is not only limiting itself to providing inbound tourism services, but also considering outbound services that can support Japanese travelers to use their payment method of choice abroad as well as cross-border online payments in the future.

In addition, the government's "Basic Policies for Economic and Fiscal Management and Reform" also sets targets for domestic direct investment. As foreign-owned corporate factories and R&D facilities expand increasingly in Japan, it is expected that there will be demand for various cross-border payments, such as digital salary payments to foreign workers and overseas remittances.

TMN, CIL, and EVONET Global plan to consider how to respond to all types of cross-border payment demand in the future, and believe that they can contribute to the expansion of international human exchanges by developing electronic payment infrastructure as a key factor for international visitors and workers.

About EVONET, a cross-border wallet network

Headquartered in Singapore, EVONET Global is a network that connects digital wallets across Asia. In addition to currently having agreements with three brands in three countries, EVONET Global plans to expand its partnerships with payment operators in East and Southeast Asia in anticipation of a rapid recovery in cross-border travel.

EVONET Global also perform fund settlement and exchange conversion, and transaction processing between the digital wallet operator/wallet owner participant who owns the user and the wallet business operator /merchant owner participant who owns the merchant store and realizes a smooth opening between QR/Bar code payment internationally. In the future, EVONET Global plans to offer not only cross-border payments between wallets, but also remittances and top-up services.