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Digitalization of Payment Instruments: Cashless Payments and Loyalty Points Systems

In: The Future of Financial Systems in the Digital Age

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  • Yuri Okina

    (The Japan Research Institute Ltd.)

Abstract

Cash is still the most preferred means of payment in Japan. In fact, the ratioCashless paymentscashless pa ratio of cashless payments was relatively low until recent years. On the other hand, Japanese people have a strong affinity for loyalty points. The loyalty point system is a mechanism that allows users to receive a discount when they shop at the same store in the future. Platform companies like SoftbankSoftBank (Yahoo!) Group (Yahoo!) are actively using these systems to quickly acquire customers who use cashless means such as PayPay by increasing the point reward rate when shopping at their member stores. This is one reason that the ratioCashless paymentscashless pa ratio of cashless consumer spending has been rising in recent years. Loyalty points are also used to make payments as if they were the corporate currencies among the platform companies’ member stores and customers.

Suggested Citation

  • Yuri Okina, 2022. "Digitalization of Payment Instruments: Cashless Payments and Loyalty Points Systems," Perspectives in Law, Business and Innovation, in: Markus Heckel & Franz Waldenberger (ed.), The Future of Financial Systems in the Digital Age, pages 117-131, Springer.
    • Handle: RePEc:spr:perchp:978-981-16-7830-1_7
    DOI: 10.1007/978-981-16-7830-1_7
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