Japan sets out targets in drive to go cashless

Dr Beh Swan Gin proposed that Japan provides more funding and invests in resources and training for a digital economy.
Dr Beh Swan Gin proposed that Japan provides more funding and invests in resources and training for a digital economy.

But experts say greater govt intervention is needed, like that seen in S'pore and India

An estimated 20 per cent of all transactions in Japan today are cashless - a figure the government said on Wednesday that it wants to raise to 40 per cent by 2025 and to 80 per cent in future.

However, a panel of experts told the annual New Economy Summit in Tokyo on the same day that Japan would need greater government intervention, like there had been in Singapore and India, to push a society so used to cash towards adopting cashless payments.

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A version of this article appeared in the print edition of The Straits Times on April 13, 2018, with the headline 'Japan sets out targets in drive to go cashless'. Print Edition | Subscribe