TOKYO -- Seven & i Holdings Co., the operator of a major retail chain, is set to end its 7pay smartphone transaction service for use at Seven-Eleven convenience stores at the end of September following a series of fraud incidents, those close to the firm said.
The company will officially announce the decision on the afternoon of Aug. 1.
The firm launched the service on July 1, and some 1.5 million people had registered with the system. However, there were incidents in which stolen IDs were used for unauthorized access and the purchase of goods. As of 5 p.m. on July 29, 807 people had lost a total of 38.6 million yen to such fraud.
(Japanese original by Kenji Wada, Business News Department)