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(Provisional Translation)
April 23, 2020
Financial Services Agency
(Japanese version: published April 14, 2020)

Notice regarding the conclusion of contracts between banks and electronic payment service providers in consideration of the impact of the COVID-19 (novel coronavirus) infection

An electronic payment service provider is required to conclude a contract with a bank for providing services.

Among electronic payment services such as a household bookkeeping application and accounting services, the obligation to conclude a contract is deferred until the day specified by Cabinet Order within two years from the enforcement date of the electronic payment service system (June 1, 2018). The electronic payment service providers such as above need to conclude a contract with a bank by the last day of this grace period in order to provide the services.

It is scheduled to enact a Cabinet Order to specify the last day of the grace period as May 31, 2020 (the latest day under the Act), but there is a risk of delay in concluding contracts due to the spread of the COVID-19 infection under circumstances where a Declaration of a State of Emergency was issued under Article 32, paragraph (1) of the amended Act on Special Measures for Pandemic Influenza and New Infectious Diseases Preparedness and Response.

Accordingly, it was decided to amend the Cabinet Office Order in order to extend the last day of the grace period until September 30, 2020, for any contract that a bank and an electronic payment service provider both intended to conclude by May 31, 2020, but could not conclude due to the spread of the COVID-19 infection.

Details of the amendment will be publicized later.

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