The fact that Japan is currently moving towards the easing of restrictions will support card payments growth
GlobalData forecasts that the value of card payments in Japan will grow by 2.1% in 2020. The value is expected to reach $839.4 billion by 2023, at a compound annual growth rate of 6.0% between 2020 and 2023.
The report states that amid the pandemic consumers are increasingly shifting from cash to e-payments, especially contactless payments.
To support this trend, US-based retailer 7-Eleven Japan made contactless card acceptance available at all its stores in the country. Shoppers can use contactless payment with debit, credit, and prepaid cards from Visa, Mastercard, JCB, American Express, and Diners Club.
Besides, card issuers are making payment settlement process faster for card-accepting merchants.
In July 2020, Sumitomo Mitsui Card introduced a faster payment cycle for its merchants. That allows them to receive the proceeds from their sales made via credit cards within just 5 days compared to a month or more in the past.
We’ve reported that the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, compared to 38 billion in 2020. That’s a 42% growth.