Japanese Consumers Embrace Shift To E-cash
Anthony Faiola reports for the Washington Post on growth in the use of e-cash payments in Japan following widespread deployment of e-cash equipped cell phones by NTT DoCoMo.
“In the U.S., use of credit cards and debit cards is already very well developed, so it’s unclear how electronic money will take off there,” said Shigeru Takamura, senior consultant at the Japan Research Institute, which is affiliated with the Tokyo-based Mitsui Sumitomo Financial Group. “Look for it in places where saving time matters, like parking garages and grocery stores.”One explanation for electronic money becoming part of the fabric of everyday life – particularly for young professionals – is that using cash here can be cumbersome. The lowest denomination of paper currency is the 1,000 yen note – worth about $8.30. That means people lug around six values of yen coins to make small purchases.
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