Japan is one of the few countries globally which is able to control the COVID-19 pandemic
Credit card payments market in Japan to surpass $1B by 2024. Source: pixabay.com
According to GlobalData, the credit card payments market in Japan is set to register a compound annual growth rate of 7.6% to reach 1,026.5 billion in 2024.
The report has found that the value of credit card payments in Japan is estimated to grow by 9.2% in 2021 with easing of government restrictions, opening businesses and rise in consumer spending.
The government’s push for e-payments and rising adoption of contactless payments will further push credit card usage in the country. To stimulate consumption following the COVID-19 pandemic, Japan launched ‘My Na Point’ reward program in September 2020, which ended in March 2021. It offered consumers reward points up to $48.4 on purchases made using digital payments such as debit card, credit card and prepaid card.
GloablData expects the upcoming Olympics scheduled for August 2021 is also expected to provide an impetus to the payments industry. All major banks and payment participants are making their payment infrastructure compatible with foreign-issued cards and installing POS terminals at locations with high footfall, such as tourist attractions and supermarkets.
We’ve reported that Deutsche Bank and Fiserv formed joint venture in Germany.
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