In early July, the 61-year-old chief executive of 7pay appeared on TV to apologise after the launch of one of Japan’s most hotly anticipated mobile payment services had turned into a catastrophe.
After struggling to explain why his cashless system — rolled out across the company’s 21,000-strong network of 7-Eleven stores to 1.5m users — had been hacked and defrauded within hours of going live, Tsuyoshi Kobayashi was asked about the standard safeguard of “two-step authentication”.
In response, Mr Kobayashi slowly repeated the phrase in the befuddled tones of someone hearing it for the first time, telling the nation all it needed to know.
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