CNN.com - Japan Net Bank issues web money
William Burgess By Jane Searle
TOKYO, Japan (CNN) -- Japanese online company Japan Net Bank has started offering electronic money issued by WebMoney Corp to customers.
Customers of the net bank can now join a network allowing them to shop at over 1200 online stores.
Established in Japan, WebMoney claims to have secured over 90 percent of the market share in Japan and says it has the first mover advantage in Korea.
WebMoney was introduced to the Japanese public through a media campaign in September, and has also launched in Hong Kong, Taiwan, China, Korea, Latin America and Europe.
More security online
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Users of WebMoney receive prepaid cards and use personal codes for online shopping. Amounts can be bought in advance at convenience stores.
With internet shopping on the rise, the issuers of WebMoney say it provides increased security by eliminating the need for credit cards.
WebMoney has over 1000 merchant partners, including Sony Music and the Industrial Bank of Japan. It said the convenience chain 7-11 Japan also joined WebMoney's network of distributors this month.
