Japan, Once Obsessed with 'Cash,' Has Suddenly Changed Drastically

Card Easy Payments Surge... Surpassing 1,000 Trillion Won for the First Time Last Year
Reflecting COVID-19 Trends of Avoiding Cash and Coins

In Japan, where there is a strong attachment to using cash, the number of users of credit cards and simple payment methods has steadily increased, leading to so-called 'cashless' payment amounts surpassing 1,000 trillion yen for the first time last year, according to a report by Nihon Keizai Shimbun (Nikkei) on the 4th.

According to the report, the total payment amount in Japan last year using credit cards, debit cards, transportation cards, and prepaid simple payment methods increased by 17% compared to 2021, reaching 111 trillion yen (approximately 1,095 trillion won).

[Image source=Pixabay]

Credit card payment amounts rose 16% to 93.7926 trillion yen (about 925 trillion won), while payments using QR codes increased by 50% to 7.9 trillion yen (about 78 trillion won).

The share of cards and simple payments in total payment amounts reached an all-time high of 36%.

Nikkei analyzed that "the tendency to avoid using banknotes and coins to prevent COVID-19 infection has led to an increase in users of cards and simple payment methods."

Additionally, it is analyzed that the Japanese government's policy of giving points that can be used like cash to applicants of the 'My Number Card,' which corresponds to Korea's resident registration card, also had an impact.