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Customer Spotlight: M Changer in Japan

Cash Reigns in Japan

Japan remains a highly cash dependent economy with 65% of payments still being settled in cash, which is double the amount in most rich economies. The cash in circulation is more than 20% of the GDP and is more than double that in the US, China and Europe. Currency exchange in Japan often takes place through a network of kiosks in post offices and convenience stores like Family Mart. These kiosks however are generally limited to USD1K for such transactions. The 2020 Olympics will see an influx of tourist arrivals in Japan, which opens up many opportunities for the currency exchange sector. Likewise, Biz4x will leverage this historic event to continue to expand their services in Japan be it for Get4x or Biz4x, which brings us to our first customer in Japan, M Changer.

Introducing M Changer

M Changer has been a loyal customer of Biz4x since 2017. Their office is conveniently situated in Japan's Marunouchi business district which is near the Imperial Palace East Gardens (a great spot for tourists!). M Changer operates by appointment only, with a regular clientele of corporate companies who have an average currency exchange transaction size of USD7K. They offer 5 main currencies for exchange: USD, EUR, CNY, KRW, HKD.

The exchange is completely secure, taking place in a private office and they offer rates that are far more favourable than currency exchange counters at the airport or those provided by the banks. Thanks to M Changer, we were not only able to roll out the Get4x service but launch the wholesale banknotes marketplace in Japan.

General Manager Shigemitsu Takayama and Manager Nagisa Goda both expressed that they were happy with all of Biz4x functionalities and that the platform suits their business needs exactly. They use Biz4x for managing and recording customer transactions and Get4x for increasing their visibility internationally. When asked for their wish list of new features, they suggested the localization of the platform as well as the addition of a large transactions report for regulatory reporting in Japan.

Referral Program

M Changer also consults for other currency exchanges in Japan and has been instrumental in introducing new businesses to the platform. With each successful referral, both M Changer and the referred customer receives a free three months extension to their Biz4x subscriptions. If your business is interested in the referral program or becoming a reseller in your markets, do reach out to us at sales@Biz4x.com for more details, as we'd love to speak to you. If you'd like your business featured on our Biz4x blog as well, do reach out and we'll be in touch soon.

We'd like to thank M Changer for being part of and contributing to the global Biz4x community! If you're ever in Japan and looking to exchange currency, do call to make your order or book your currency online with M Changer. They are open on weekdays from 9am to 5pm.