PayPay is an e-wallet which allows customers to simply enter the amount they wish to pay or to scan a QR code with price embedded in it. Customers can upload money from their bank account or credit card and by using an ATM at a participating bank.
The Japanese pay for 11% of all online purchases using e-wallets. That’s an e-commerce segment worth approximately US$24 billion.
The benefits of e-wallets in Japan
- Over 30% of Japanese don’t have a credit card.
- Between 2021 and 2025 the Japanese e-commerce market will grow by US50bn.
- Japanese shoppers already spend US$26bn with cross-border merchants.
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