A recent report from Renub Research, “Japan E-Commerce Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2028,” offers a thorough industry analysis that includes market share insights. The report also includes research on competitors, geographical areas, and the recent expansion of the Japan E-Commerce Payment Market.
Japan E-Commerce Payment Market is projected to grow at a CAGR of 10.60% between 2022 and 2028. Japan is experiencing a noteworthy shift from conventional cash-based transactions to digital payment methods. While cash has been a dominant mode of transaction for years, the push of authorities towards a cashless society, mixed with the ease presented by digital wallets and mobile payment apps, is propelling the growth of the e-commerce payment market. Major competitors like Rakuten Pay, LINE Pay, and PayPay are gaining recognition, supplying stable and efficient digital payment solutions.
Furthermore, contactless payments via NFC and QR codes are gaining popularity in Japan, with a projected continued adoption among businesses and individuals. The integration of AI and big data analytics enhances the e-commerce payment experience through customer behaviour analysis, personalized payment recommendations, and fraud detection. AI-driven chatbots and virtual assistants further elevate real-time customer support, ultimately enhancing overall customer satisfaction in the process.
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The surge in mobile commerce in Japan, driven by increased smartphone shopping and businesses’ mobile-friendly sites/apps, aligns with the growing adoption of mobile payments, propelling a convergence of e-commerce and mobile payments set to drive market expansion. Simultaneously, Japan prioritizes transaction security, investing in robust measures like biometric authentication and tokenization to protect customer data, building trust in digital payments and enhancing consumer confidence in e-commerce transactions. So, Japan E-Commerce Payment Market is projected to reach US$256.90 Billion by 2028.
Furthermore, the Japan e-commerce payment market is not always confined to home transactions. Cross-border e-commerce is flourishing, with Japanese purchasers showing a robust interest in purchasing goods from foreign places. Thus, cross-border payment solutions and forex conversion offerings are becoming indispensable to the e-commerce payment market. This opens up possibilities for international payment companies to cater to Japanese consumers and traders.
Likewise, the Japanese government has carried out regulatory adjustments to inspire digital payment adoption and foster competition in the e-commerce payment market. Initiatives consist of simplified Know Your Customer (KYC) procedures, reduced transaction fees, and the advertising of interoperability among payment systems. These measures aim to create a greater conducive environment for new entrants and innovation, that could similarly stimulate boom in the Japan e-commerce payment market.
Media products dominate the share of the Japan e-commerce payment market.
The payment market for media products in Japan holds the highest percentage due to the recognition of digital content consumption, such as streaming services, online publications, and downloadable media. However, the apparel and footwear section has emerged as the quickest-developing sector in the Japan e-commerce payment market, driven by changing customer preferences for online purchasing, especially in the fashion zone. Factors along with comfort, a wide range of alternatives, and improved virtual try-on exploits have fuelled this growth, making it a dynamic and swiftly evolving segment in the Japan e-commerce payment market.
The mobile payments sector in the Japan e-commerce payment market is expanding quickly.
The Japan mobile payment sector is rapidly developing due to the proliferation of smartphones and the emergence of numerous mobile payment apps and virtual wallets, like Apple Pay, Google Pay, Rakuten Pay, and LINE Pay, providing consumers convenience and options, making it the fastest-growing section in the Japan e-commerce payment market. Meanwhile, credit card payments stay dominant because of their mounted presence, wide reputation, and purchaser trust, but mobile payments are hastily gaining ground, pushed by means of technological innovation and changing customer choices.
Large companies like Rakuten Group, Suica, PayPay, Origami, MerPay, and D-Barai, among others, dominate the Japanese e-commerce payment market.
- Segment – Renub Research report covers the Japan E-Commerce Payment Market, by segment in 14 viewpoints (Media Products, Apparel and Footwear, Food and Drink, Personal Accessories and Eyewear, Consumer Electronics, Beauty and Personal Care, Home wares and Home Furnishings, Consumer Appliances, Consumer Health, Traditional Toys and Games, Pet Care, Home Improvement and Gardening, Video Games Hardware, and Home Care).
- Payment Method – The Report covers Japan E-Commerce Payment Market, by payment method in 6 viewpoints (Credit Card, Convenience Store Payment, Direct Carrier (Billing), Mobile Payment, Cash on Delivery, and Other).
- Key Players – All the major players in the Japan E-Commerce Payment Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) Rakuten Group, Suica, PayPay, Origami, MerPay, and D-Barai.
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