Almost a fifth of Japanese households use electronic money for small purchases, ...
FILE PHOTO: A picture illustration shows Japanese 10,000 yen notes featuring a portrait of Yukichi Fukuzawa, the founding father of modern Japan, August 2, 2011. REUTERS/Yuriko Nakao/File Photo
In the survey published on Monday and conducted between June and July, 18.5% of households said they use electronic money, such as smartphone apps and debit card payments, on shopping trips where 1,000 yen or less is spent, up from 15.4% in the previous year. Despite the growth in electronic payments, Japan’s “cash-is-king” mentality remains entrenched with the survey showing 84% still use notes and coins for small purchases.
A low crime rate, years of ultra-low interest rates and a nationwide network of automatic-teller machines have long made cash appealing in Japan, giving people few reasons to shift to cashless payments.
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