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Is Japan becoming cashless?
Not so long ago, having cash on hand was a necessity everywhere in Japan, and most payments were made with cash. Japan was relatively slow in accommodating other forms of payments, like credit cards, compared to, let’s say, some Western countries.
The coronavirus pandemic, however, has encouraged more and more cash-loving Japanese people to move away from banknotes and coins, giving a boost for banks in their drive toward digitalization.
A trend toward cashless payments, which so far progressed gradually, has picked up speed during the pandemic. This is what Kanetsugu Mike, chairman of the Japanese Bankers Association, said back in February of 2021. On top of that, in recent years, cashless payments have been promoted in Japan, with the Japanese government planning to double cashless transactions to account for 40% of consumption by 2025.
PayPay is the largest Japanese digital payment app. It was launched back in 2018 by SoftBank and Yahoo! Japan, and now has almost 50 million registered users. It is also the most downloaded app on the Japanese app store.
PayPay works like a prepaid card. There are no joining fees, and no minimum balance required. It is very easy to set up, and once you have an account, you simply ‘top up’ your account and are ready to use PayPay to make payments.
Having PayPay payment option on your ecommerce website is a must for all businesses who want to improve their sales. While there is a lot of different types of payment options available in Japan, if an ecommerce store lacks the users’ preferred method can make or break the sale.
As a part of the SoftBank family, we can support you with setting up the PayPay payment system. If you need more information please don’t hesitate to get in touch.
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