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A Cashless Revolution: Japan's Move Towards a Cashless Society

Japan has taken a significant step towards becoming a cashless society, registering a record 111 trillion yen ($830 billion) in cashless payments in 2022, a substantial increase from the previous year's 95 trillion yen. This marks the first time Japan has surpassed the 100 trillion-yen mark for cashless payments, and the trend is expected to continue as the government actively promotes it. This shift towards a cashless society has been driven primarily by the COVID-19 pandemic, which has reduced opportunities for making cash payments. The Japanese government is also promoting cashless payments to reduce the costs of transporting currency, and they have set a goal of having cashless payments account for approximately 40% of all expenditures by 2025.   According to the Japanese economy ministry, cashless payments accounted for 36% of all expenditures in Japan last year, with credit card payments accounting for the highest portion at 93.8 trillion yen. Code payments, including t...