Japanese shopping service Nippon Passport secures funding
Nippon Passport has raised ¥200 million (US$1.82 million) in pre-series A funding, led by private investors and business companies through a third-party allotment.
In response to the Japanese government’s target to attract 60 million foreign tourists annually by 2030, the firm has launched its “NP Pass” service, driving foreign visitors through affiliate shops for a commission fee of 10 per cent of total sales. Travellers who download the app can receive discounts and vouchers for participating retailers.
With the financing, Nippon Passport intends to improve the “NP Pass” app as well as develop its network of affiliate shops and agents.
“Japan’s population has been steadily decreasing,” said Nippon Platform CEO Shinsuke Hishiki.
“We believe that Nippon Passport’s service makes significant headway in collaboration with Nippon Platform related to tablet solutions, and transfers from attracting customers for tourism consumption to making solutions for paving the way for regional revitalisation.”
Tharminder Singh, a director at Nippon Passport, says the ever-changing nature of technology such as AI and self-driving cars is starting to move consumers away from products and towards experiences and travel.
“Using technology and smart mechanisms to harness the value of bringing people together through tourism inbound and outbound [we are] creating a value proposition that helps drive the industry and new ways of attracting people and traffic and increasing business.”
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