Japan wants to go cashless but convincing the elderly, who make up nearly one-third of the population, to change their practices won’t be easy More ReutersFintech coverage:
Some have met with initial success. QR code payment app PayPay — owned jointly by SoftBank and Yahoo Japan — saw memberships jump 5 million since August to 15 million, thanks in part to the government’s campaign.
The direct cost involving cash transactions, including labor at checkout counters, amounts to about $73.60 billion a year, Mizuho Financial Group estimates, suggesting that going cashless will dramatically reduce such costs. “On the other hand, we’ll need to find a way to help those elderly who may find it hard to go shopping without cash.”Japanese households hold more than half of their assets in cash and deposits. That proportion rises with the elderly, some of whom stick to cash as a way to prevent wasteful spending.
Many small businesses are also struggling to shift to cashless payments, or see little benefits in doing so. A low crime rate, ultra-low interest rates and a nationwide web of ATMs have long made cash appealing in Japan, giving people few incentives to shift to cashless payments. In a bustling shopping district of Tokyo’s downtown Yanaka Ginza, many small stores have yet to embrace cashless transactions.
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