Cash still king in Japan: Ageing population doesn't prefer mobile payments; campaigns launched to change transaction habits
in Japan, where crime and counterfeiting are virtually non-existent, people feel more comfortable carrying cash and consumer response has been sluggish.
The Paytm founder said that dominance in Japan is very important. It's a market that we believe, is at an inflection point because people have done lot of trials but led with card (credit/debit).
In Japan, cash is still the mainstream payment methodology, with the current cashless payment ratio remaining at 20 percent, SoftBank said adding that the Japanese government is taking measures to raise the cashless payment ratio to 40 percent by 2025.
Mobile payments have been around for a while now, but the increasing adoption of Apple Pay could soon transform it into a worldwide phenomenon.