DUBLIN, December 06, 2021– (BUSINESS WIRE) – The report “Japan E-commerce Payment Market Forecast 2021-2026, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” has been added to ResearchAndMarkets.com offer.
The Japanese e-commerce payments market is expected to reach US $ 297.87 billion by 2026, compared to US $ 198.36 billion in 2020, growing at a CAGR of 7.01%.
Ecommerce payment involves the digital purchase of products and services, paying a merchant using an electronic platform. In addition, the digital means of payment, without the use of cash or checks, is often seen as an online or mobile payment network.
Japan has a well-developed e-commerce market and has experienced sustainable growth over the years, supported by high mobile and online penetration and a strong consumer preference for online transactions. Consumers are increasingly switching from cash payments to online payments.
In recent years, the online payments industry in Japan has experienced tremendous growth. It is expected to accelerate as the trend shifts towards mobile shopping and online shopping. Moreover, with the reputation of adopting technology and being at the forefront of digital innovation, the growth of e-commerce payments in Japan has been accelerated by ease and convenience.
Despite Japan’s generally rapid adoption of new technologies, the adoption of mobile commerce payments remains relatively low, representing smaller than the e-commerce payments market. A continuing trend may describe this for desktops and a large aging population, which is more reluctant than younger generations to adopt smartphones.
By payment method, card, cash, wire transfer, and digital wallet have become the most commonly used e-commerce payment mechanisms in Japan. According to our analysis, the card is the most popular online payment method in Japan, with wire transfer next on the list.
Among all types of cards, credit cards are more likely to be used than debit cards to complete a purchase transaction online. Bank transfers, known as furikomi, are the second most popular payment method in Japan. PayEasy, a popular domestic bank transfer service, offers buyers the option to pay at post offices, banks and ATMs in Japan
Further, by segment, the top five categories contributing to the Japanese online payments market are food and personal care, furniture and applications, toys, hobbies and DIY, electronics and media, and retail. fashion. The e-commerce market in Japan presents an opportunity for international traders to woo an audience with cash to pay and a craving for fashion, electronics and media and toys, hobbies and DIY. In addition, the unique online shopping events in Japan are also driving the growth of online payments.
Japanese merchants are adopting on-premise digital payment solutions because of the security benefits. On-site digital payment solutions help businesses improve their level of security and thereby increase customer satisfaction. In addition, in Japan, there are many platforms operating across a wide range of products and services.
A few names may also be underlined to stand out especially due to their importance in the Japanese economy. Rakuten Group, Suica, PayPay, Origami and merPay are some of the few well-known platforms operating in the online payments market.
Impact of COVID-19 on the e-commerce payments market in Japan:
As the Japanese government declared a state of emergency due to the COVID-19 pandemic, the online payment market in Japan has been widely accepted in a rapid accelerated movement since the first half of 2020. Additionally, with social distancing rules in Japan and Japan. closing many physical stores, shoppers have also embraced online channels even for their daily shopping.
As Japanese consumers embrace online shopping, the use of electronic payments is expected to increase further as consumers move away from cash payments due to fear of getting infected and the ease of making transactions.
Main topics covered:
2. Research methodology
3. Country profile
4. Survey overview
5. Executive summary
6.1 Growth drivers
7. Analysis of the e-commerce payments market in Japan
7.1 Ecommerce Payments Market
7.2 M-Commerce payments market
8. Market share analysis
8.1 By payment method
8.2 By segment
9. Payment Method – Japan e-commerce payments market
9.3 Bank transfer
9.4 Digital wallet
10. Segment – Japan e-commerce market
10.1 Nutrition and personal care
10.2 Furniture and application
10.3 Toys, Hobbies, DIY
10.4 Electronics and media
11. Business analysis
11.2 Recent development
For more information on this report, visit https://www.researchandmarkets.com/r/4talxb
View the source version on businesswire.com: https://www.businesswire.com/news/home/20211206005415/en/
Laura Wood, Senior Press Director
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