Japan Payments Market Overview:
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 5.42% (2024-2032)
According to the IMARC Group, Japan payments market size is projected to exhibit a growth rate (CAGR) of 5.42% during 2024-2032. This market is expanding due to increasing digital payment adoption, advancements in fintech, rising consumer demand for convenience, and government initiatives promoting cashless transactions and secure payment technologies.
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Japan Payments Market Trends and Drivers:
The Japan payments market is primarily driven by the shifting preferences from offline payments to digital payment solutions. The escalating demand for electronic and digital payment methods, as they provide enhanced convenience and speed in conducting financial transactions and reduce the need for cash, is positively impacting the market. Moreover, the widespread use of smartphones and the increasing internet penetration are also contributing to the expansion of the Japan payments market. Additionally, the escalating demand for contactless payments, especially after the breakdown of COVID-19 to maintain hygiene among the masses, is escalating the market growth.
Apart from this, the Japan payments market is further propelled by the rising need for efficient and secure cross-border payment solutions among tourists and travelers. Moreover, the integration of innovative payment technologies such as near-field communication (NFC) and QR code payments with online payment gateways to make payments more secure and fast is positively impacting the market growth. Besides this, the government authorities in Japan are supporting fintech innovations and initiatives to escalate the adoption of cashless transactions. This, in turn, is offering significant growth opportunities to the market. Furthermore, the widespread utilization of biometric authentication methods like fingerprint and facial recognition to enhance payment security is anticipated to propel the growth of the Japan payments market in the coming years.
Japan Payments Market Segmentation:
Breakup By Mode of Payment:
- Point of Sale
- Card Payments (includes Debit Cards, Credit Cards, and Bank Financing Prepaid Cards)
- Digital Wallet (includes Mobile Wallets)
- Cash
- Others
- Online Sale
- Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
- Digital Wallet (includes Mobile Wallets)
- Others
Breakup By End Use Industry:
- Retail
- Entertainment
- Healthcare
- Hospitality
- Others
Breakup By Region:
- Kanto Region
- Kansai/Kinki Region
- Central/ Chubu Region
- Kyushu-Okinawa Region
- Tohoku Region
- Chugoku Region
- Hokkaido Region
- Shikoku Region
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Japan Post Bank Co. Ltd.
- LINE Pay Corporation (Line Corporation)
- Mizuho Financial Group Inc.
- PayPay Corporation
- Rakuten Group Inc.
- Resona Holdings Inc.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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