While Bitcoin Booms, Japan Aims to Double Digital Payments

The government of Japan has set a growth strategy for financial technologies (FinTech), one that aims to double the adoption rate of digital payments over the next decade in the country.

Japan is lagging behind its Asian counterparts when it comes to cashless payments, particularly against the likes of China and Korea – which see over 50% of their societies embracing cashless payments. In comparison, the current adoption rate of digital payments is a relatively measly 19%. Japanese authorities are clearly seeing a growth opportunity for FinTech payments, particularly during the run-up to Japan hosting a global event with the 2020 Tokyo Olympics.

According to a report by the Nikkei, Japan’s Financial Services Agency (FSA) – the country’s financial regulator and the Ministry of Economy, Trade and Industry (METI), are involved in the development of a FinTech growth strategy to be compiled this month.