Japan is one of most developed countries in the whole world, when it comes to economic sector, all the spheres are regulated making investments easy and save. News outlets shocked everyone with the news that Japan’s Mizuho bank creates its own cryptocurrency, as it turned out later, the coin is real but the crypto is not.
Cash VS. Online Payments
Even though Japan seems to be a modern country with innovative technological potential, most of its citizens prefer using cash to cards or online payments. In terms of payment systems adoption, the country is definitely left behind, especially if we compare it to China where WePay and AliPay thrive. There are some reasons for this phenomenon. First of all, low interest rates make Japanese hoard their cash. Second of all, the country is very safe, so taking cash with oneself brings no trouble at all. Thirdly, the Japanese population is old, the average age is 47, thus digital payments slowly adjust among citizens.
Summer Olympics in Tokyo
In 2020, the worldwide competition – the Olympic Games – are held in Tokyo. The government rose awareness of lack of electronic payment devices around the country. Thus, it is pushing banks and merchants to find solutions regarding to this problem. Moreover, the government is planning to increase the percentage of people using payment services after the Olympics.
J-Coin To Replace Cash
As a part of the policy of implementing electronic payments, the largest bank in Japan, Mizuho, as well as other 60 financial institution are releasing digital wallet called J-Coin. In the operating method, it resembles AliPay and WePay – scan QR-code and pay. According to the representatives of Mizuho bank, J-Coin has nothing to do with crypto or blockchain in any form.
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