Payments Snapshot in Japan: Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. The virus has spread to 187 countries/regions with over 1.9 million confirmed cases, with its spread outpacing other major infectious outbreaks from the past.
Coronavirus will have a profound effect on the Japanese travel and tourism industry. There has been a sharp rise in the cancellation of flights and hotel bookings, as well as the postponement of major upcoming events such as the 2020 Olympic and Paralympic Games.
Additionally, when shopping in-store consumers will shift from cash-based payments to digital payment tools, particularly mobile wallets such as Rakuten Pay and PayPay.
This report focuses on the impact of the Coronavirus outbreak on both the economyand the cards and payments industry in Japan. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat Coronavirus.
- The Japanese travel and tourism industry has been adversely affected by the outbreak of Coronavirus. According to the Bank of Japan, nearly 33 million visitors were estimated to arrive in Japan in 2020, partly driven by the Olympic and Paralympic Games.
- With the growing number of retailers closing down their businesses, online retailers such as Rakuten and Amazon could potentially see their sales grow. Additionally, online payment solutions including Konbini, Amazon Pay, and PayPal could potentially benefit from this scenario.
- The decrease in consumer spending - particularly in sectors such as travel and tourism, hospitality, and accommodation - will also impact the Japanese payments industry. According to GlobalDatas 2019 Banking and Payments Survey, travel and accommodation account for 22% of total credit card transaction value.
Reasons to Buy
- Make strategic decisions using top-level revised forecast data on the Japanese payment industry.
- Understand the key market trends, challenges, and opportunities in the Japanese cards and payments industry.
- Receive a comprehensive insight into payments market in Japan.
Total Payment Cards Market vs. Pre-COVID-19 Forecasts
Debit Cards Payment Market vs. Pre-COVID-19 Forecasts
Credit and Charge Cards Payment Market vs. Pre-COVID-19 Forecasts
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