Companiesandmarkets.com has released a new report providing statistics on market size, competitor market shares and forecasts for the Japanese payment card market.
The report, “Payment Cards in Japan,” also provides an overview of regulation, competitor activities, issuer strategy and product innovation, including developments in contactless, mobile payments, online and prepaid cards up to 2014.
According to the report, the Japanese payment market remains dominated by cash, with consumers using it even for high value transactions. Despite this, credit cards are continuing to show positive levels of growth with a compound annual growth rate of 2.5% between 2004 and 2008.
Contactless, mobile, and prepaid payments are at an advanced state of development in Japan in the form of e-payments, typically on a contactless card – 100 million of which are currently in circulation – or on a mobile phone handset, according to the report.