Japan has the third-largest national economy in the world and according to the International Monetary Fund (IMF), had one of the world’s highest nominal GDP per capita. The card payments market grew during the review period (2013-2018). Japan’s card payments market grew due to a combination of a positive economic outlook, increased personal incomes, retail industry growth, the growth of contactless, secure payment systems and e-commerce.

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During the review period, the number of cards in circulation in the channel increased at a compound annual growth rate (CAGR) of 3%, while its value recorded a review-period CAGR of 3.5%.

The Japanese card payments market was mainly driven by strong growth in the prepaid card’s category, which registered the highest review-period CAGR of 13%. The debit cards category registered the slowest growth during the review period, at a CAGR of 5%.

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Growing Prepaid Cards Market

Consumers are moving to prepaid and postpaid e-money purses incorporated into payment cards and mobile phones to make fast and secure contactless transactions, both at point-of-sale (POS) terminals and online. Over the forecast period, the transaction value of prepaid cards is expected to grow at a CAGR of 7%. The value of open-loop prepaid cards is expected to drive growth in the prepaid card’s category.

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Shift towards cashless transactions

Although cash transactions still dominate small-value payments at retail outlets, consumers are slowly shifting towards card payments due to the benefits offered by card issuers through card-based reward programs, supported by the adoption of fast and secure contactless cards.

Growth in online and conventional retail

Internet penetration growth and rising disposable incomes, supported by an increased consumer spending, resulted in increased online retail sales. Japan’s conventional retail industry also recorded growth during the review period, recording a CAGR of 1% at a forecast-period CAGR of 1.5%.

To benefit from online and conventional retail growth, banks are increasingly expanding their merchant and POS networks, and improving their internet banking infrastructure, resulting in increased card payment volumes. The number of POS terminals in Japan recorded a review-period CAGR of 2%.

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