Even as cashless payments rise, low interest rates have driven people to hoard banknotes at home. Photo: Getty Images
Even as cashless payments rise, low interest rates have driven people to hoard banknotes at home. Photo: Getty Images

Japan’s digital payments rise as people avoid touching cash amid coronavirus pandemic

  • Japan has long been known for its heavy use of cash, which is a burden for banks that are trying to shift more routine, unprofitable tasks to digital channels
  • The government has set a goal of increasing cashless payments to about 40 per cent of all transactions by 2025, from about 20 per cent currently

Even as cashless payments rise, low interest rates have driven people to hoard banknotes at home. Photo: Getty Images
Even as cashless payments rise, low interest rates have driven people to hoard banknotes at home. Photo: Getty Images
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