Nagasawa Sayaka Eda Masahiro Shidachi Masato Yamamoto After being in charge of growth for the mobile payment service Merpay, oversaw growth for Mercari Group’s fintech operations before assuming the role of CEO (Fintech) Formerly Managing Director at Goldman Sachs Japan Co, Ltd. Formerly Head of the Group Risk Management Head Office at Nomura Holdings, Inc., in charge of credit risk management and enterprise risk management for Nomura Group Formerly Head of Partner Sales at Google Japan Enterprise, and Head of Apple Pay Merchant Business at Apple Japan 3
Card Co., Ltd. Vice President, CPO Fintech Vice President, CISO Keita Nakamura Yuki Saito Vice President, CTO Keigo Watanabe Worked on mercariX at R4D, In charge of system risk and then moved to Merpay as a security in the Fintech PM overseeing domain as Head of IT Risk development of distributed and Security ledgers, anti-money laundering systems, and new finance businesses. Has concurrent role as CEO of Mercoin, Inc. Former Head of Engineering of Souzoh, Inc. Vice President of Growth and Vice President of Product Heesung Lee Was in charge of leading the growth of the payment and credit businesses, including Mercard. Also managed the division in charge of platform development for growth. 4
2026) Number of users (as of March 31, 2026) Over 21M Over 4M Wallet Cryptoassets Payment Bitcoin payment Code payment/iD payment (within Mercari) Credit Stable point revenue Deferred payment service (lump-sum payment, installment payment, fixed-amount payment) Credit card/virtual card Small-sum loan service Loyalty program 6
credit) and Mercoin (cryptoassets) to Mercari’s item lifecycle creates a circular relationship between users’ items, money, and credit, facilitating the growth of “circular finance” that grants users greater freedom and flexibility. It provides users with a valuable, uniquely Mercari experience. Aiming to achieve their dreams Listing Money Mercard Transaction History Goods Credit Information Payment Credit Cryptoassets Value Circulation 15 cryptocurrencies including Bitcoin, Ethereum, and XRP Money Sales 7
by Merpay, Inc., that can be used within the Mercari marketplace app. This service enables users to utilize their Mercari sales balance1, funds added to their Merpay balance from a bank account or ATM, or the BNPL (buy now, pay later) Merpay Credit service to pay for purchases at physical stores and online with their smartphone. Merpay supports both iD contactless payments2 and code payments and can be used at JCB merchants across Japan with Mercard, a credit card with a point-back rate that increases based on use of Mercari and Merpay. 1. In order to use Mercari sales balance, users must configure certain settings or use their sales balance to purchase Mercari points. 2. ”iD” is a registered trademark of NTT DOCOMO, INC. 8
21.09M Number of verified users 20.47M Percentage of verified users 97.0% Note: As of June 30, 2026, the aggregated number of unique users (excludes users who have deleted their accounts) who had registered for Merpay Electronic Money, set up Virtual Card, were issued a Mercard, opened an account for exchanging cryptoassets, or used Merpay QR Code Payments, Online Payments, or Merpay Credit (lump-sum payment or fixed-amount payment), etc. Number of Mercard credit cards issued 6.32M Note: Number of cards issued as of June 30, 2026 99
• There are no start-up fees for merchants to start using Merpay, and we only charge a fixed fee of 2.6% per transaction. Since September 2020, Merpay and d Payment have used a shared QR code for their mobile payment services. Both companies have also partnered to promote their services to merchants. In August 2025, Merpay was added as a payment method on Apple and Amazon Pay. In September 2025, Mercari also partnered with WeChat Pay, the largest smartphone payment service in China. Start-up fees 0 yen Service fee for merchants 2.6% 10
launched a new service, in partnership with Minna Bank, Ltd., that allows users to withdraw their Mercari sales balance (or Merpay balance) quickly and without service fees. Users can now have the sales balance they gain by selling unneeded items on Mercari transferred to their bank account instantly and without transfer fees, allowing them to access their funds more conveniently. 11
Group’s services form a sustainable cycle in which users sell things they no longer need on Mercari and use the resulting sales proceeds to shop at physical and online stores (primary distribution) through Merpay. Receives item Buys new things using Mercari sales balance Receives sales proceeds/adds money to balance Sells things they no longer need on Mercari 12
• • Merpay Credit enables users to pay for purchases later, with the credit limit determined by their Mercari usage history. The service also allows users to set their own usage limit and check their usage history, so they can manage their payments themselves. Merpay Credit provides flexible deferred payment, installment payment, and fixed-amount payment options, allowing users to adjust their repayment amount at any time. Users can also use installment payment (two-installment payment) without incurring fees. Notes: Users 18 or 19 years of age have an upper usage limit of 100,000 yen. (Feature not available to users under the age of 18). Fixed-amount payment not available to high school students. 13
Sales Balance 1. Seamless payment experience When paying with sales balance (Merpay balance) Continue shopping even with insufficient sales balance When using Mercard Pay in combination with sales balance and points 14 14
usage limits Users set their own credit limit A message is sent to users who attempt to exceed their credit limit By setting their own limit, users can prevent overspending 15 15
who people are, but on what they have done. We determine whether a user will uphold their promise to repay based on their unique transaction data from Mercari. In this way, we can build trust, creating a new form of credit for the user. Purchases from/pays to Notifies about completed payment Length of employment Income Reviews Receives sales proceeds Reviews Occupation Sends item Address Family structure Seller Buyer 16
Payment Services In April 2021, the Installment Sales Act was partially revised, allowing AI to be used to determine credit rather than traditional credit systems. As a result of the new system, business operators began offering small-sum deferred payment services, accelerating the momentum of deferred payment services in Japan. Bill to revise the Installment Sales Act announced A bill to partially revise the Installment Sales Act was ratified by the cabinet in March 2020 and announced in June of the same year Revised Installment Sales Act enacted The revised Installment Sales Act defined the following two points, among others: 1. Introduction of regulations for small-sum deferred payment made in installments 2. Allowance for enhanced screening methods This introduced a registration system for business operators providing small-sum (100,000 yen or less) deferred payment services and enabled the use of AI for credit screenings instead of traditional screenings to determine the amount a user is likely to be able to pay. Apr 2021 Aug 2021 Merpay acquired AI credit certification - Merpay acquired the first certification on August 27, 2021 - This enabled Merpay to calculate how much a user could affordably be expected to pay based on data such as Mercari usage history 17
status Enables flexible payments Displays the amount of time until repayment is complete, as well as the monthly payment amount and fees Allows users to create a payment schedule that reasonably fits with their lifestyle + Can use Mercari sales balance + Can pay whenever you want + Can adjust the payment amount after purchase 18
services. This number tends to be particularly high in younger age groups Over 70% of deferred payment service users have a credit card Usage rate of deferred payment services Percentage of credit card holders among users of deferred payment services (Single answer/n=800) (Users of deferred payment services/n=249) ▪ Usage of deferred payment services by age range ▪ Has used deferred payment ▪ Has not used deferred payment (Usage within the past year) ▪ Has a credit card ▪ Does not have a credit card (Merpay, October 11, 2021: “Survey on Consumption and Payment Methods” (https://jp.merpay.com/news/2021/10/202109bnplsurvey/)) 19
easy to overspend. Deferred payment services have the advantage of both usage and payment being easy to manage Users of deferred payment services are more interested in managing their finances Issues of credit card users/ Reasons for using deferred payment services Usage of deferred payment services and interest in managing finances (Results from respondents in their 20s–30s) Issues faced when using credit cards Reasons for using deferred payment services (Multiple answers allowed / Users of deferred payment services in their 20s–30s / n=111) (Multiple answers allowed / Users of deferred payment services in their 20s–30s / n=46) ① ② ③ I end up spending too much It’s hard to tell how much I spent I’m worried about security, like leaks of my personal information or card number 49.5% ① 24.3% ② 19.8% ③ I can change the timing of my payment It’s easy to tell how much I have spent It’s easy to plan ahead for payments 60.9% 34.8% 30.4% Q. Do you have a system for keeping track of your income and expenses, such as an account book or a notebook? (Respondents who answered that they regularly keep track of their monthly income and expenses / n=700) Deferred payment service users Non-deferred payment service users Respondents who answered that they regularly keep track of their income and expenses using an account book or notebook, a smartphone app, or a computer program such as Excel (Merpay, October 11, 2021: “Survey on Consumption and Payment Methods” (https://jp.merpay.com/news/2021/10/202109bnplsurvey/)) 20
her 20s Main payment method Mainly uses deferred payment services Uses Merpay Credit for everything Usage scenarios Frequently makes large payments when shopping for contact lenses, clothes, food, etc. Uses iD contactless payment at physical shops and the virtual card online + It’s easy for her to visualize her usage + She can carefully manage payment amounts and timing herself + When she exceeds her personal budget, she can offset her expenses by selling things she no longer needs + She can see her history for buying and selling things all on the same app Reasons for use 21
In November 2022, we started providing Mercard, a credit card whose credit limit (up to 900,000 yen) is determined by the user’s Mercari usage history and which can be used and managed within the Mercari marketplace app. In addition to code payments and iD payment at supporting merchants, cardholders can also use their Mercard at 56 million1 JCB merchants both in Japan and overseas. Launched Mercard Gold in 2025 and Mercard with an ETC feature in 2026. Over Mercard Gold ETC card feature 6.32M cards issued Maximum usage limit of 3 million yen Up to 2% points back on everyday purchases Complete lineup of additional services 1. Number of JCB merchants as of March 31, 2025; Mercard provides a credit card shopping service 2. Number of cards issued as of June 30, 2026 22
in as little as one minute Verified users 20.47M The initial application takes as little as one minute for Mercari users who have already verified their identity. Users can be issued a card and start using it in as little as four days. With the added benefits of Merpay Visualize and manage Mercard usage right from the Mercari app Constant point-back rewards system Users receive 1% points back for purchases made at physical stores and when shopping online, and a maximum of 4% for purchases made on Mercari. Point-back rate increases are determined not just by a user’s purchase history on Mercari, but also by their listings and sales history on the platform. Flexibly choose the timing and method of payments A credit system that doesn’t rely on conventional attributes like age and occupation 23 23
Make Mercard Safe & Secure Plus... Mercard is delivered through the mail, so you don’t have to worry if you aren’t home when it arrives. Even after it arrives, it can’t be used until you personally activate it by opening the Mercari app and touching your phone to the card. (Only available for devices that support NFC) Numberless Your card information is managed on the app Instant notifications You can confirm your usage details from the app or an email notification instantly Freeze your card from the app In the event of an emergency, like theft or loss, you can freeze your card easily from the app 24
Customer Satisfaction® Survey Mercard was ranked no. 1 in three categories of the 2026 Oricon Customer Satisfaction® Survey for credit cards with no yearly membership fees: “Ease of applying for card,” “Ease of use of website or app,” and “Range of payment methods.” 25
rising prices, over 60 percent (63.3%) of Mercari users say they have problems managing their expenses involving their fandom activities. Users are enjoying "circular fandom" on our platform as a new option for managing expenses, such as by using points (22.3%) and using money made from selling unneeded items on marketplace apps to fund their fandom activities (16.2%). In a survey, the number of people leveraging marketplace apps as a way of continuing their fandom activities amid rising prices was 34.7% among Mercard holders, more than double the rate seen for overall survey respondents (16.2%). The features that allow cardholders to use Mercard to apply their Mercari sales balance (or Merpay balance) to other payments drive the consumer style preferred by users who want to get more value out of the things they like. Survey on Awareness of Fandom Activities and Finances/Consumer Trends (Released by Merpay in December 2025) (only available in Japanese) 26
• In August 2021, we launched Merpay Smart Money, a small-sum loan service that Mercari users can apply for within the Mercari app and that utilizes Mercari usage history to determine a user’s interest rate and borrowing limit The service focuses on not only providing appropriate credit, but making that credit balance easy to repay, allowing users to repay using their Mercari points/sales balance and change their monthly repayment day, repayment amount, and other repayment plan details within the app Credit limits range from 5,000 yen to 500,000 yen based on the user’s Mercari usage history, with a yearly interest rate of between 3% and 15%. Maximum borrowing limit is 500,000 yen. Interest rate and borrowing limit are determined through a screening process based on the user’s Mercari usage history. Not available to users less than 20 years of age or over 70 years of age. 27
based on Mercari usage history Visualizes usage status Flexible payment methods Mercari sales balance We also have a dedicated team working daily to improve quality of the service, and we’re working to incorporate external experts’ opinions regarding provision and administration of the service 28
2023, we launched bitcoin trading on Mercari Three strengths of our easy-to-use-for-anyone platform • Apply on the Mercari app in as little as 30 seconds • All prices listed in JPY, with trades starting from 1 JPY • Service offers 15 cryptocurrencies including bitcoin, ethereum, and XRP (Cryptoasset-related services are provided by Mercoin, Inc.) 29 29
money added Cryptoassets (bitcoin, ethereum, and XRP) • Buy and sell at any time • Automatic bitcoin savings feature (can be set to daily, or 1, 2, or 4 times per month) • Bitcoin payment feature (Cryptoasset-related services are provided by Mercoin, Inc.) Earn points for holding cryptoassets Holding ethereum in your account will earn you points every month 30
milestone in April 2024, Japan has now reached 14M accounts. Accounts 14.03M 15M Cryptoassets +2.16M YoY 12.13M Start of cryptoasset trading on Mercari 10M 5.73M (Cum.: 13.78M accounts) 9.52M NISA +2.67M YoY 6.62M (Cum.: 28.26M accounts) 5M As of Feb, 2022 As of Feb, 2023 Ref: As of December 31, 2025 As of Feb, 2024 As of Feb, 2025 As of Feb, 2026 Note: According to the latest monthly cryptoasset transaction data from the Japan Virtual and Crypto Assets Exchange Association (JVCEA) NISA accounts: From materials disclosed by the Financial Services Agency 31 31
years after service launched Notes: As of March 31, 2026, the total number of accounts opened since Mercoin launched its cryptoasset trading service (Cryptoasset-related services are provided by Mercoin, Inc.) 32 32
had no prior connections to cryptoassets Cryptoasset Trading Experience User Demographics 18–20s 50s or older 85% 26.4% 25.3% Broad of account holders had no prior experience trading cryptoassets age ranges 40s 24.3% 30s 24.0% Notes: Data on users of Mercari’s bitcoin trading service (as of March 31, 2026). 33 (Cryptoasset-related services are provided by Mercoin, Inc.) The numbers in the graph are rounded to the nearest tenths place, and as such, may not total 100%.
start trading Reasons for not holding cryptoassets Responses from 1,227 people who do not hold cryptoassets Note: Respondents were able to select multiple answers 1 It seems like a way to lose money 2 I find it to be intimidating 3 I don’t have the money to buy in 36.9% 30.5% 26.6% Source: Mercoin survey on cryptoassets (February 2023) (Cryptoasset-related services are provided by Mercoin, Inc.) 34 34
a service that allows users to use bitcoin to make purchases on Mercari. One month after the full release of the service, over 100,000 payments were made using bitcoin. Select “Use Bitcoin” Choose how much to use Confirm purchase details Purchase the item Choose an item on Mercari and go to check out (Cryptoasset-related services are provided by Mercoin, Inc.) 35
who hold cryptoassets Apply on the Mercari app in as little as 30 seconds* Convert sales balance (Merpay balance) to cryptoassets Start trading from as little as 1 yen *For verified users, applications can be completed in as little as 30 seconds, allowing users to start trading cryptoassets right away Expanding use Sell cryptoassets and transfer proceeds to Merpay balance to use when shopping 36
measures to prevent fraud in order to ensure a safe and secure user experience. Authentication and identity verification at time of registration and use Monitoring conducted 24/7 Compensation/ support provided in case of an incident 40
2021, we launched an identity verification process that uses Japan’s public Individual Number Card identification system (JPKI). Merpay is the first mobile payment service provider to implement identity verification using JPKI. Due to efforts to strengthen eKYC and promote identity verification, Merpay reached 20.47 million identity-verified accounts as of June 30, 2026. Simple KYC using official identification (Individual Number Card) A first in the payment industry Individual Number Card Verification Percentage of identityverified users: 97.0% 20.47 million users 41
Payments Enables users to send their Merpay balance/points to family and friends Available at iD and Merpay merchants nationwide, including convenience stores, restaurants, drug stores, and fastfood franchises Merpay Credit Feb–Mar 2019 Apr–May 2019 Virtual card Sending/receiving money No-contact service (formerly Merpay Smart Payments) (fixed-amount payment) Allows for fixed-amount payments, whereby users pay in installments from the following month onwards Sep Jul 2020 2020 Merpay Credit (formerly Merpay Smart Payments) Allows users to defer payment for items based on past usage of Mercari and Merpay Mercard Enables users to easily issue a card number that can be used to pay using Merpay balance at many online stores Identity verification using Japan’s Individual Number Card (JPKI) Support for identity verification using Japan’s public Individual Number Card identification service (JPKI) Mar Aug 2021 2021 Shared d Payment/ Merpay QR code Enables use of single QR code for both d Payment and Merpay Online payments Mercari Donation Enables use of Merpay for not only offline purchases, but online as well Enables donation of Merpay balance, charged from Mercari sales balance or bank account, etc., to local governments and other organizations of the user’s choice A comprehensive, flexible credit card that allows users to receive instant notifications, check their usage history, and pay their bill right from the Mercari app Also offers up to 4% points back from selling, buying, or making purchases at stores Nov Sep 2022 2024 Merpay Smart Money Merpay Credit A small-sum loan service that Mercari users can apply for within the Mercari app and that utilizes Mercari usage history to determine a user’s interest rate and borrowing limit Started providing installment payments allowing users to pay for items using between 2 and 24 installments Two-installment payments without fees also made available (formerly Merpay Smart Payments) (installment payment) 42
for iD contactless payments Mar 2019 Added support for code payments and released the coupon feature Apr 2019 Reached 1 million users of Merpay Electronic Money Released Merpay Credit (formerly Merpay Smart Payments) May 2019 Released Online Payments feature Jun 2019 Reached 2 million users of Merpay Electronic Money Sep 2019 Reached 4 million Merpay users Oct 2019 Reached 5 million Merpay users Jan 2020 Business alliance with Shinkin Central Bank concluded; reached 6 million Merpay users Feb 2020 Origami Inc. joined Mercari Group; Mercari, Merpay, and NTT DOCOMO agreed on partnership Jun 2020 Reached 7 million Merpay users Jul 2020 Fixed-amount payment and sending/receiving features released Sep 2020 Began providing a shared QR code for d Payment and Merpay Oct 2020 Reached 8 million Merpay users 43
Merpay available for use on Funds Dec 2020 Became the first service in the industry allowed to resume the bank connections that were suspended due to fraud cases (Resumed connections with Japan Post Bank in January) Mar 2021 Began providing a “virtual card” that can be used to pay for purchases on online stores with Merpay Credit (formerly Merpay Smart Payments) Became the first service in the industry to support KYC using the IC chips in Individual Number Cards Apr 2021 Reached 10 million Merpay users Aug 2021 Launched small-sum loan service Merpay Smart Money Nov 2022 Launched the Mercard credit card and constant point-back rewards system Apr 2023 Reached 650 thousand Mercards issued Jun 2023 Reached 1 million Mercards issued Sep 2023 Reached 1.5 million Mercards issued Oct 2023 Mercard and the bitcoin trading service selected as winners of the Good Design Award 2023 Nov 2023 Reached 2 million Mercards issued Jan 2024 Reached 2.5 million Mercards issued Mar 2024 Reached 3.0 million Mercards issued Jun 2024 Obtained ISO/IEC 27001:2022 (JIS Q 27001:2023), an internationally recognized ISMS (International Security Information Management System) certification 44
holders for purchases on Mercari Square franchises across Japan started accepting Merpay Oct 2024 Started offering two-installment payment without fees to Mercard holders for purchases on Mercari Nov 2024 Reached 4 million Mercards issued Dec 2024 Released a black version of Mercard Mar 2025 Launched the Mercard Gold credit card Jun 2025 Launched installment payments using Mercard at physical and online stores outside of Mercari Reached 5 million Mercards issued Dec 2025 Launched a new service that allows users to withdraw their Mercari sales balance quickly and without service fees Feb 2026 Mercard awarded 1st place in three categories of the Oricon Customer Satisfaction® survey Mar 2026 Merpay launches Mercard with ETC card feature May 2026 Merpay launches new feature that allows users to make payments without adding funds even with insufficient sales balance 45
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