ENVALITH
株式会社ジィ・シィ企画 logo

Global Communication Planning Co., Ltd.

4073・Growth Market・Information & Communication

Official website
株式会社ジィ・シィ企画 logo
Global Communication Planning Co., Ltd.4073

Business

GMO Payment Gateway... no wait, this is GC (G.C.) Kikaku Co., Ltd., founded in 1995, a company specializing exclusively in cashless payment solutions. Its main customers are mid-to-large distribution operators (multi-store retailers such as supermarkets and discount stores), and it operates two businesses: licensing and contract development of the payment package software "CARD CREW" Series (Payment Integration Business), and cloud-based Payment ASP Service, Maintenance & Operation Service, and terminal subscription services (Payment Service Business). In addition to connecting to domestic payment networks (CAFIS and CARDNET), the company holds direct connection rights to VISANET. It has obtained ISO/IEC 27001 and PCI DSS certifications and operates its own 24/7/365 help desk. In March 2025, TMN Corporation became the largest shareholder and an other affiliated company, deepening the capital and business alliance.

Business Model

The Payment Service Business (stock revenue) accounts for 60.9% of net sales, with the remaining 39.1% coming from the Payment Integration Business (flow revenue). Stock revenue consists of fixed monthly fees for the Payment ASP Service (Cloud-based), per-terminal processing fees, and Maintenance & Operation Service fees, which stabilizes the business foundation. Flow revenue consists of Contract Development & System Integration and terminal sales, and is a source of volatility as sales can surge upon receipt of large-scale orders. The company pursues a strategy of promoting stock-type revenue by guiding on-premise customers toward the ASP service at the time of replacement.

Company Strengths

Since its founding in 1995, the company has specialized in payment system development, establishing a reputation within the industry for technical and development capabilities through product registration with CAFIS and CARDNET. By providing connection modules free of charge to major system integrators, it has built a broad track record of connections regardless of manufacturer or terminal.

Through its contract with the international brand VISA, the company holds direct connection rights to VISANET. By bypassing domestic dedicated payment networks (CAFIS and CARDNET), it can reduce costs for card company merchants, giving it the rare right to monetize transaction fees as its own revenue.

The company has obtained and complies with international standards for information security (ISO/IEC 27001, PCI DSS) and quality management (ISO 9001). It has earned high trust from card company merchants, system integrators, and card companies, which functions as a barrier to entry for competitors.

ENVALITH's Perspective

The cumulative operating loss for the first nine months of FY2026 (ending March 2026) was ¥78 million (compared with a loss of ¥141 million in the same period of the previous year), showing continued improvement. However, achieving the full-year earnings forecast (operating profit of ¥92 million) would require approximately ¥170 million in operating profit in Q4 alone, which is premised on the realization of the plan for large-scale Payment Integration Business project sales to be concentrated in the second half. The risk of failing to meet the plan remains high.

As of the end of March 2026, the equity ratio declined to 9.9% (13.5% at the end of the previous fiscal year), and the accumulated deficit in retained earnings expanded to ¥579 million. Interest-bearing debt remained at a high level, with short-term borrowings of ¥705 million and long-term borrowings of ¥514 million, while interest expenses surged to ¥19 million cumulatively for the first nine months (compared with ¥7 million in the same period of the previous year). Cash and deposits decreased significantly to ¥383 million (¥815 million at the end of the previous fiscal year), warranting close attention to cash flow management.

Cumulative sales for the first nine months of the third quarter reached ¥1,493 million (up 16.8% year on year), indicating a recovering trend. However, in the Payment Integration Business, gross margin declined due to an increase in terminal sales, with the gross profit margin remaining nearly flat at 27.7% for the current period versus 27.6% in the same period of the previous year. In terms of the external environment, continued appetite for DX investment is a positive factor, but supply chain concerns stemming from US policy trends and geopolitical risks could affect terminal procurement costs.

Growth Strategy

Four pillars: expanding stock revenue, leveraging VISANET, subscription rollout, and deepening the TMN partnership

For FY2026 (ending June 2026), sales from large-scale projects were originally planned to be recognized in the second half, and accumulating sales in the fourth quarter is the top priority for achieving the full-year earnings forecast (net sales of ¥2,403 million, operating profit of ¥92 million). The company will also continue to acquire new customers by expanding its terminal lineup.

The company continues to build up stock sales centered on the Payment ASP Service (Cloud-based) and the Maintenance & Operation Service. Despite the impact of the discontinuation of some services, cumulative results through the third quarter progressed steadily. The company aims to expand market share by promoting sales of the subscription service "SAKURA".

The company continues to make proposals to customers by combining services and functions in the payment business domain together with TMN. It aims to expand its business by acquiring new projects and deepening relationships with existing customers, leveraging the strengths of both companies.

Leveraging its direct connection rights to international brand payment networks, the company aims to expand transaction fee sales, riding the tailwind of the rising cashless payment ratio (with the government targeting 80% as a market environment goal).

Last updated: July 17, 2026