Japan’s Ministry of Economy, Trade and Industry (METI) reports a cashless payment ratio of 36% in 2022, marking steady progress toward the country’s goal of a 40% cashless payment ratio by 2025.
The country’s cashless payments include 30.4% credit cards, 1.0% debit cards, 2.0% e-money, and 2.6% code payments.
METI has been actively promoting cashless payments for businesses and consumers, increasing the ratio from 32.5% in 2021.
In March 2022, the “Cashless Payment Promotion Program” was launched to encourage small and medium-sized businesses to adopt cashless payment options.
A study group concluded that to expand cashless payments further, creating an environment where merchants can confidently choose cashless options and promote their use among consumers is essential.
The “Study Group on Future Vision of Cashless Society” in September 2022 confirmed the current status of cashless payments in Japan and explored the social significance of a cashless society.
The envisioned cashless society is a digital society with seamless payment options, where data is connected among individuals, businesses, and the government.
Efforts to achieve this vision include increasing the cashless payment ratio to 40% by 2025 and eventually fully digitizing payments, as well as working to educate and inform consumers and merchants, improve the competitive environment, develop value-added services, automate and streamline transactions, and improve authentication methods.
These efforts will be implemented in cooperation with the government and related bodies to deepen the understanding and awareness of the social significance of cashless payments and their potential future impact.
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