FinTech

Fuchu City Launches Fuchu Pay to Boost Local Commerce

Finovalley in partnership with the Musashino Fuchu Chamber of Commerce and Industry is introducing a new digital local currency called Fuchu Pay. The purpose is to inject local commerce with a new life, to retain the money within the city, and to make the residents’ daily activities more convenient. Fuchu Pay runs on Finovalley’s MoneyEasy platform and works as a cashless payment tool across Fuchu City’s commercial areas. Finovalley handles the system and service, while the chamber of commerce operates it as the issuing authority. The move comes as local shops face growing pressure from big stores and online services, weakening the connection between residents and neighborhood businesses. Fuchu has already experimented with digital gift certificates called Fuchu Ticket, which built a base of citizen and business participation. Fuchu Pay…