Magazines Archives - 2007 July

E-Yen enjoying heady take-off in Japan
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E-MONEY is fast becoming the norm in Japan, with statistics from Nomura Research Institute Ltd indicating that the market could reach ¥690 billion (US$5.63 billion) in value this year and ¥2.8 trillion by 2011.

The number of e-money players swelled by 60% to 57 million in the year ended March 2007. About eight major types of e-money are in use and more retailers are joining in with their own e-payment services. Seven & I Holdings Co launched its own e-money, nanaco, last April, followed by Aeon Co with its Waon card.

As e-money gives access to consumer data, retailers can analyse customers’ consumption behaviour and meet their needs. However, a system of standardisation is needed to counter the inconvenience of various readers for different cards to free consumers from the hassle of having to hold several cards at one time.