The Japan Mobile Payments Market size is estimated at USD 211.13 billion in 2024, and is expected to reach USD 815.79 billion by 2029, growing at a CAGR of 31.04% during the forecast period (2024-2029).
The Japanese mobile payments market is moderately fragmented, demonstrating fierce competition between the service providers. Several communication firms are enabling connection with their current apps to accept payments via cell phones. Telecom companies are eager to enter the market with their products. Through Japan, the ecosystem is seeing new participants from other ecologies grow.
In May 2022, Mastercard announced Digital First Program, which was expected to support Google Pay, a contactless smartphone payment service. Mastercard's Digital First Program is a digital card issued after an application is submitted from a digital environment, such as an app or website, and is immediately reviewed. Digital devices such as smartphones and smartwatches could be used for payments. In addition, it was a program that provided value-added functions that utilize the digital environment, such as alerts at the time of use, and control functions, such as temporary suspension of service.
In May 2022, PayPay Co., Ltd. and a smartphone securities company whose mission is "Making asset management more accessible," announced that PayPay Money would be used in the "Purchase as Remains" service, which enabled stock and investment trust transactions inside the "PayPay Securities App." Connecting PayPay balance (PayPay Money) to "Buy as Own," would allow clients to invest in stocks and mutual funds using their PayPay Money balance.
In April 2022, as a new merchant, PayPal collaborated with "BULK HOMME," a skincare company that sold items for guys. Due to the partnership, customers of Bulk Homme would be able to use their PayPal accounts to shop for products online and make purchases using PayPal. Additionally, the business offered PayPal customers special deals that could save up to 80% on various products.
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