Tuesday, October 25, 2016

Briton have no notes, Japanese still love them

A cashless society is approaching fast, as I wrote repeatedly.

My past entry: Cashless society is coming

My past entry: Your child will never see cash

In the UK, citizens have only 5 GBP or less cash in their pocket, according to a new study. Instead, a typical Briton possesses two credit/debit cards, some membership cards, and many useless items in their wallet. One-tenth of citizens have given up to equip wallet itself.

A touchless payment system lets them go through the payment counter within a couple of seconds. Previously, you have to enter the PIN number or write a signature to complete payment with a credit card. Nowadays, you only have to touch your card, or iPhone, on the device.

International Business Times: Push for cashless society marches on as average Briton now carries less than a fiver

To be honest, I have never seen the touch and go system in the UK. It seems it has been available recently in urban areas.

In general, Japanese people are willing to possess some notes in their wallet. I think one of the most influential reasons is that credit card payment has not been well spread. In Japan, many people deem credit cards as a risky way of financial management. In Japan, you have some option in card payment. You may delay the payment until the last of the year. You can also choose the revolving payment method in using a credit card. In the revolving scheme, you have to pay only a fix amount of money regardless of how much you have bought. It means that you will owe a large amount of debt for several years. Thus, the revolving scheme is quite a risky solution. But some people are not aware of it. On the other hand, some people say credit card payment itself is very dangerous. As a result, not a few Japanese choose not to make a credit card.

In Japan, credit cards are still not available in many stores. Instead of credit card payment, several types of digital currency have been developed. I wonder if someone can use all of the digital currency.

Apple Pay has been available since today in Japan. I expect it will be a breakthrough against the current complicated situation regarding payment.

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