The number of people in Japan who use their smartphone to make mobile payments at the point of sale will reach 23.9 million — 21.5% of the population — by the end of this year, up from 19.1 million in 2019, according to an eMarketer forecast.
It predicts that the figure will have increased to 27.6m people — 25% of the population — by 2023.
The reasons behind the growth, according to the publication, include the adoption of QR code payment systems and the Japanese government’s cashless rebate programme, which rewards consumers making cashless payments with cashback or points worth up to 5% of their transactions.
“Japan is betting big on QR codes as consumer payment preferences begin to change,” says eMarketer analyst Cindy Liu.
“QR codes don’t require huge investments from vendors and it is also simple and easy to use for consumers.
“Covid-19 has accelerated the push towards cashless payments as consumers avoid the use of cash and plastic cards.
“And with the Olympics pushed back to 2021, we can expect the Japanese government to continue to invest in mobile payment technology as part of its measures to keep the games safe.”