← Embedded Finance Index 2026

GMO Payment Gateway

“Can Japan's dominant card-acquiring PSP convert its regulated rails into a full embedded finance OS — lending, BNPL, payouts, payroll, and BaaS — for both merchants and the financial institutions that compete with them?”

Founded1995
HQShibuya, Tokyo, Japan
IndustryInfrastructure / Payments
The story

Founded in 1995, GMO-PG is one of Japan's leading payment processors and an operating company of the GMO Internet Group. The business has expanded from card-acquiring payment gateway into a multi-product embedded finance platform — adding transaction lending, B2B factoring, BNPL ('atokara'), remittance, payroll advance (Soku-Q byGMO), and a BaaS processing platform that supports banks and card issuers with issuing/acquiring/FEP infrastructure. Sumitomo Mitsui Banking Corporation is a principal shareholder, anchoring deep megabank relationships behind these embedded finance plays.

Last 12 months
2025-04
2025-06
2025-12
2026-05
Product timeline
1995
Founded as a payment processing company in Japan· founding
2022
Launched GMO-PG Processing Platform with Issuing Gateway, Network, and FEP services to support bank/card-company BaaS· banking
2023
Major update to PG Multi-Payment Service introducing OpenAPI-type connection· pivot
2025
GMO Enpay added bank account direct debit covering 100+ Japanese financial institutions· banking
2025
Launched 'atokara' BNPL service jointly with Sumitomo Mitsui Card and GMO Payment Service· lending
2025
Strategic alliance with J&J Tax Free for digitized tourist tax refund system· partnership
2026
fincode byGMO becomes first domestic PSP to support MCP (Model Context Protocol) for AI-era payments· product
Regulated entities
3
regulatory licences held by GMO Payment Gateway
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in GMO Payment Gateway’s embedded-finance stack
Payments / PSP
PG Multi-Payment Service (self-operated)fincode byGMO (self-operated)Epsilon byGMO (self-operated)GMO Cashless Platform (self-operated)Z.com Payment byGMO (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Payroll
in the full report
FX & payouts
in the full report
Accounting gap: none
5 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.