DUBLIN–(BUSINESS WIRE)–The “Japan E-commerce Payment Market Forecast 2021-2026, Industry Trends, Share, Insight, Growth, Impact of COVID-19, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
Japan’s E-commerce Payment Market is projected to reach US$ 297.87 Billion by 2026, from US$ 198.36 Billion in 2020, growing at a CAGR of 7.01%.
E-commerce payment implies digitally purchasing products and services, paying for a merchant using an electronic platform. Moreover, the digital payment method, without the use of cash or cheques, is often regarded as an online or mobile payment network.
Japan has a well-developed e-commerce market and has registered sustainable growth over the years, supported by high mobile and online penetration and high consumer preference for online transactions. Consumers are increasingly shifting from cash to online payments.
In recent years, the e-commerce payment industry in Japan has been undergoing tremendous growth. It is projected to accelerate as the trend is moving toward mobile purchases and online shopping. Moreover, with the reputation for embracing technology and being at the forefront of digital innovation, Japan’s e-commerce payments growth has been accelerated by ease and convenience.
Despite Japan’s typically rapid adoption of new technologies, mobile commerce payment uptake remains relatively low, accounting for more petite than the e-commerce payment market. An ongoing inclination can describe this for desktops and a large ageing population, which is more reluctant than younger generations to adopt smartphones
By Payment Method, Card, Cash, Bank Transfer, and Digital Wallet have become the most commonly used e-commerce payment mechanisms in Japan. As per our analysis, the card is the most popular online payment method in Japan, with bank transfer the next on the list.
Among all the types of cards, credit cards are more likely to be used than debit cards to complete an online shopping transaction. Bank transfers, known as furikomi, are the second-most utilized payment method in Japan. PayEasy, a popular domestic bank transfer service, offers the ability for shoppers to pay at post offices, banks, and automated teller machines in Japan
In addition, By Segment, the primary five categories contributing to the Japan E-commerce Payment Market are food & personal care, furniture & application, toys, hobby & DIY, electronics & media, and fashion. The e-commerce market in Japan presents an opportunity for international merchants to court an audience with money to pay and an urge for fashion, electronics & media & toys, hobby & DIY. Moreover, Japan’s unique online shopping events also boost e-commerce payment growth.
The Japanese merchants are adopting on-premise digital payment solutions owing to security-related benefits. The on-premise digital payment solutions help enterprises improve their security level and thereby increase customer satisfaction. Besides, in Japan, numerous platforms are operating through a wide array of products & services.
A few names can also be highlighted for especially standing out due to their importance in the Japanese economy. Rakuten Group, Suica, PayPay, Origami, and merPay are some of the few renowned platforms operating in the E-commerce Payment Market.
COVID-19’s impact on Japan’s e-Commerce payment market:
As the government of Japan has declared a state of emergency due to the pandemic COVID-19, the online payment market in Japan was widely accepted in a rapid accelerated motion since the first half of 2020. Furthermore, with social distancing rules in Japan and the closure of many brick-and-mortar stores, shoppers also embraced online channels even for day-to-day shopping.
As Japanese consumers embrace online shopping, the use of electronic payments is expected to rise further as consumers are moving aside from cash-based payments due to fear of getting infected and ease of making transactions
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Country Profile
4. Survey Insights
5. Executive Summary
6. Market Dynamics
6.1 Growth Drivers
7. Japan eCommerce Payment Market Analysis
7.1 E-Commerce Payment Market
7.2 M-Commerce Payment Market
8. Market Share Analysis
8.1 By Payment Method
8.2 By Segment
9. Payment Method – Japan Ecommerce Payment Market
9.1 Card
9.2 Cash
9.3 Bank Transfer
9.4 Digital Wallet
9.5 Other
10. Segment – Japan eCommerce Market
10.1 Food & Personal Care
10.2 Furniture & Application
10.3 Toys, Hobby, DIY
10.4 Electronics & Media
10.5 Fashion
11. Company Analysis
11.1 Overview
11.2 Recent Development
- Rakuten Group
- Suica
- PayPal
- Origami
- merPay
For more information about this report visit https://www.researchandmarkets.com/r/4talxb
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