[FinTech] Japan Proposing Cashless Payments

Japan Proposing Cashless Payments for the Coming Olympics

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Carrying a big amount of cash can put your life in danger nowadays. In spite of all the security measures placed in banks and various financial institutions, you can still watch some robbery and fraud news on TV. It is never safe bringing a large sum of money and this makes it very risky for many people.

Currently, technology offers the use of credit cards, debit cards, mobile banking, money transfer and other means of making payments. The person’s security and convenience are just two main reasons why more and more people prefer this method for payments and money transfers. It is for the same reason that Japan is now pushing the use of cashless payments in preparation for the 2020 Olympics.

It is expected that millions of people are visiting Japan for the coming Olympics and aside from the infrastructural preparations, one consideration is to minimize the dependence on the use of cash. This will benefit visitors who will be coming to Japan in time for the event.

In other countries such as China, Sweden and parts of Europe and North America, the use of cashless payments in various ways is already being utilized. Some of the methods being used include a Smartphone-based system, the use of QR (Quick Response) codes tied up with a mobile phone and the usual debit/credit cards system.

For business people, the benefits and possibilities are endless. Cashless payments promote the convenience, minimized costs, effortless, real-time transactions and more perks to enjoy. On the other hand, it may also have some downside like the risk of identity theft, not user-friendly for people who are not tech savvy and some downtime during system maintenance.

Right now, top banks in Japan are making the talks since this action calls for cooperation and unity. By 2020, a giant retail company aims to produce a hundred thousand units of machines to be used when processing cashless transactions with the use of credit cards.

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