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Japan to go cashless by pairing up the market giants – Rakuten

Japan to go cashless by pairing up the market giants – Rakuten

June 17, 2019 7:12 am,

The Japanese economy is the most developed and one of the most complex of all economies across the globe. They have been in the front line when it came to almost all crucial discoveries and inventions the world has ever seen. But there is one section where they have always fallen behind. The concept of going cashless has always been a bit of a hard nut to crack for this super nation. There are a lot of reasons behind that, which we will attend to later. Right now, we are going to discuss the latest move the Japanese organizations like Rakuten, Japanese Bank Mizuho have taken forth to make the nation go cashless.

Rakuten Pay and J R East

Rakuten is the biggest e-commerce platform in Japan. It can be understood as a counterpart of Amazon. They have decided to pair up with the elite East Japan Railway Company to launch Suica cards, which has the ultimate aim of increasing cashless transactions in Japan. The duo is also planning to launch a Rakuten Pay app, quite similar to that of Amazon Pay, through which the users can make payments for every online purchase they make. This new move does have the potential to bring about huge changes in the economy, as the partners hold a lions’ share of means of transportation and stores across Japan. Rakuten has over 600,000 stores in total, and in addition to that, JR East owns 50,000 buses and 5,000 trains, which is more than enough to bring a tidal wave of change.

Rakuten Pay and Cryptocurrency

Japanese customers have their Suica smartcards through which they carry out the cashless transactions. Recently, the business tycoons had a revelation to incorporate the latest concept of cryptocurrency into their cashless transactions. The confirmation regarding the pair up has not yet been confirmed by either one of the partners. The discussions are going on and the modalities are yet to be laid down. The top two priorities when it comes to cryptocurrency are safety and ease of use. The promulgators have made it clear that cryptocurrencies will only be incorporated if they are absolutely safe for use, and there are no hidden agendas or traits for the same. The second concern is the ease of use. The idea of open ledger and blockchain can be a bit of a hard pill to swallow, so the creators make it sure that their users don’t face any such issue. Japan is slowly becoming a hub for cryptocurrencies and blockchain with companies like GMO, JVCEA , LINE and more making their way into crypto.

Going Cashless

Why is going cashless such a big deal for the Japanese population after all? The reason is simple. The majority of the people that comprises the Japanese nation are all above the age of 60. This reason paves the way to the adamant nature of the country. Older generations are less open to change and like to stick on to their traditional ways of purchase. This has served as a major threat to Japan, but there has been several plans and movements initiated by the government to make its people more open to the idea of going cashless.