On April 1 2010, the Payment Services Act (Act No. 59 of 2009) came into effect in Japan. Notably, the Act provides non-bank entities with opportunities to engage in funds transfer transactions (kawase-torihiki) (ie, transactions to transfer funds from one person to another remotely without any physical delivery of cash) under certain conditions. Because the exact meaning of funds transfer transactions is somewhat ambiguous, attention must be paid to the scope of this term.
August 31 2010