The Japanese Cards and Payments Market is acknowledged as one of the most technologically sophisticated channels in the world and payment cards have become one of the most popular payment methods. The Japanese card payments market is growing steadily with CAGR of 3% during the review period in terms of a number of cards in circulation. The channel is becoming more competitive, with banks and card issuing companies forced to offer more attractive products and services to retain their market positions. The emergence of highly secure payment gateways increased public confidence in payment cards and had a positive impact on the overall channel growth. The expansion of online retail and travel also supported the country’s Cards and Payments Market channel.
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The volume of cards in circulation in the Japanese card payments channel is expected to grow at a forecast-period CAGR of 2% and continue to be driven by the prepaid card’s category growth, which has a projected CAGR of 6%. The second-highest growth rate is anticipated to be recorded by the charge cards category, with a projected CAGR of 3%. The credit and debit cards categories are expected to register forecast-period CAGRs of 1.5% and 0.5% respectively.
The largest card payments channel category is anticipated to be debit cards with 39%, followed by credit cards with 32%. The prepaid cards category is anticipated to represent 28%, while the charge cards category is expected to hold only 1%. There is potential for growth in the prepaid cards category in government schemes, e-commerce, and the travel industry. Retail sales, utility bill payment, and entertainment are key areas for debit cards that present strong growth potential. Credit and charge cards have strong growth potential in terms of retail, travel, and entertainment. At a corporate level, charge cards are expected to become increasingly popular to meet consumers’ purchasing needs.
List of Companies mentioned in this Japan Cards and Payments Market report are:
- Japan Post Bank
- Sumitomo Mitsui Financial Group
- Mizuho Financial Group
- Mitsubishi UFJ Financial Group
- Resona Holdings
- Credit Saison
- Aeon Credit Service
As Japan Cards and Payments Market has a large and growing economy, advanced technological infrastructure and consumer willingness to adopt new technologies are driving the growth of Cards and Payments Market in India.
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