 22-Aug-19, Asia Times 

Once a pioneer in cashless transactions, Japan is now lagging behind as the world’s biggest economies increasingly embrace electronic payments – because its aging population still prefers physical money.

Image: AFP / Toshifumi Kitamura

Four out of five purchases are still made with cash in Japan, despite its reputation as a futuristic and innovative nation. In South Korea, some 90 percent of transactions are digital, while Sweden aims to be a cashless society as early as 2023.

But in Japan, where crime is low and counterfeiting virtually non-existent, people feel more comfortable carrying cash. Thus consumer response has been sluggish.

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