Recent Developments in Electronic Money in Japan

Payment and Settlement Systems Department
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Payment and Settlement Systems Department: Bank of Japan

No 2008-10-01, Bank of Japan Research Papers from Bank of Japan

Abstract: During fiscal 2007, the use of chip-based electronic money services marked a significant increase in Japan. The total number of cards issued by six major electronic money service providers at the end of March 2008 recorded more than 80 million, and the total value outstanding reached JPY 77.1 billion. The value and volume of transactions settled using cards reached JPY 563.6 billion and 810 million, respectively, with each total posting significant growth. This trend of increasing use of electronic money as a payment instrument can be attributed to developments such as the recent entry of new providers of electronic money services, the start of interoperability service, and the increase in the number of common terminals.

Date: 2008-10-01
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