Payment service providers will be released from launching endless discount campaigns to lock in customers and will instead be able to look ahead toward the creation of new value. Such competition will drive innovation, too. In this way, collaboration among payment service providers by ensuring interoperability will promote both competition and innovation while avoiding monopoly problems.
Strategies of FinTech Firms Now, let us look at interoperability in Japan's retail payment systems. What are the challenges? I would like to consider this topic from the perspective of the payment business strategies of FinTech firms and banks. Firstly, the strategies of FinTech firms. There are a number of payment platforms operated by FinTech firms, and competition among them has become quite fierce.