Honda Financial Payments Service has hit a major hurdle in the US as its software has failed to meet regulatory requirements, prompting the automaker to put the service out of business.
The service, which was launched in Japan on January 1, has been a popular way for consumers to pay for financial services, with its ability to send and receive money in different currencies allowing them to do so instantly.
The company had hoped to be launching a US service in the first half of next year but now the delay will be prolonged until March, a Honda spokesperson told Reuters.
“This was a major setback for the Honda Financial Services (HFS) team,” the spokesperson said.
“We are taking immediate action to fix the issues as soon as possible.
We apologise for the inconvenience and thank everyone for their patience.”
Honda Financial Services has been used in the UK, Germany, Switzerland, Ireland and Singapore for the last three years.
The latest delays are part of a wider US financial system overhaul that is expected to be completed by the end of the year.
“Our goal is to offer the most convenient and convenient financial services for consumers in the U.S., including payment services for the US Federal Reserve and the US Treasury,” a company spokesperson told the Financial Times.
Honda’s new payment system has been tested in Europe but the company has yet to announce a launch date.
It has a global reach, including in Japan, Australia and Singapore.