Nearly 20% of Japan households using e-money but cash still king
Added 11-18-19 05:04:03am EST - “Almost a fifth of Japanese households use electronic money for small purchases, a survey by a central bank-affilated research institute showed, up from a year ago and a sign the country's cash-hoarding culture is changing. In…” - News.yahoo.com
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TOKYO (Reuters) - Almost a fifth of Japanese households use electronic money for small purchases, a survey by a central bank-affilated research institute showed, up from a year ago and a sign the country's cash-hoarding culture is changing.
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 ($9.17) or less is spent, up from 15.4% in the previous year.
Among single-person households - 43% of whom are in their 20s and 30s - the ratio was much higher at 35.6%, suggesting government efforts to prod Japanese to go cashless may be paying off, at least among the younger generation.
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.
And for payments exceeding 10,000 yen and up to 50,000 yen, 48.5% of households said they pay by cash and 3.4% by electronic money, the survey showed.
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