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E-money payments growing in popularity in Japan
12 Oct 2010

The prevalence of electronic money transactions in Japan grew by 54 per cent during 2009, to account for more than 1.25 trillion yen (£9.57 billion).

According to the Nikkei Weekly, this is the first time that e money payments have accounted for more than one trillion yen since the surveys began in 2007.

Statistics released by the Bank of Japan (BoJ) indicated that e-money transactions accounted for 0.5 per cent of the 283 trillion yen spent in the private-sector, indicating that the technology still has a lot of room for growth.

Settlement amounts rose by 14 per cent to 831 yen (£6.36), while the number of transactions also grew by 35 per cent to 1.51 billion.

The newspaper reports that BoJ data was based on eight e money formats, including the Suica card used by East Japan Railway Company.

Last month, ACS announced that it has developed new contactless smart cards for the Asian market.

Its ACOS7 card was developed as a total emoney solution for the Chinese market, where it will be used in automated fare collection schemes on both transitand non-transit projects.