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Learn moreNov 2020
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Although transaction value growth had been relatively anaemic in recent years in current value terms, it had, at least, been positive. In 2020, this has changed, with consumer payments expected to record quite a marked decline.
A state of emergency was imposed in seven major Japanese prefectures from 6 April and all 47 prefectures from 16 April. People were encouraged to stay home, avoid group events, avoid stockpiling and to wash hands, with no penalties or mandatory requirements.
The economic impact of the COVID-19 pandemic will result in a decline in overall payment transactions in 2020. However, the government’s cashless payments promotion campaign will have been encouraging consumers to avoid the use of cash while the scheme was running, including the first half of the year in 2020.
Expanding cashless payment to small retailers is a key feature of the development of financial cards and payments in Japan. As a result, the government introduced a cashless payments scheme offering cashback on purchases not made using cash at small and medium-sized retailers for a 9-month period from October 2019.
Loyalty programmes and reward schemes are proving to be an important tool as companies seek to differentiate their offers in an increasingly competitive environment. Loyalty programmes tend to be a key factor in the relative popularity of credit cards compared with debit cards in the Japanese market.
While the COVID-19 pandemic, with its hygiene concerns surrounding the use of cash, has provided added impetus for the shift from cash to non-cash payments, overall consumer spending will need a little time to return to pre-COVID-19 levels, as the economic outlook remains uncertain and many areas of financial cards and payments will only see relatively slow recoveries. One area, store cards, will continue to gradually decline, with this card type expected to eventually disappear from the market, albeit at some point beyond the forecast period.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Japan with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Japan, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Japan market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Japan, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.