While cashless payment cards have certainly been around for a few years, they’ve been pretty strongly opposed by technophobes and privacy groups alike. Worldwide adoption seemed like a lost cause.
However, big news is being reported by Nikkei.com, who report that finally the majority of Tokyo’s citizen use such electronic cash cards on a regular basis.
It’s about time. As I travel through France and Switzerland, I often find myself fumbling through various Francs and Euros, constantly holding up lines in coffee houses on the Seine or the Limmat, trying to figure out which coins are which! Tokyo’s system is so well built, it even includes transport access on systems like the Suica card (pictured). How cool!
This post was created on a Samsung Netbook.
Key Themes Behind This Trend
- Rising Adoption of Cashless Payment Cards
- The expansion of cashless payment cards usage offers huge growth potential for companies in the financial technology industry
- Integration of Multiple Payment Functions on Cashless Cards
- Adding new functionalities such as transport access onto cashless payment cards can create innovative and disruptive systems for multiple industries
- Global Shift Towards Cashless Payments
- As cities around the world move to reduce cash transactions, fintech industries can capitalize on the opportunity to lead the trend
Where This Applies
- Financial Technology
- Companies in the fintech industry can capitalize on the rising adoption of cashless payment cards and offer innovative payment solutions
- Transportation and Mobility
- Integrating transport access onto cashless payment cards creates disruptive innovation opportunities for companies in the transportation and mobility industry
- Retail and Hospitality
- As increasing numbers of people opt for cashless payments, innovations in payment methods can spur growth in companies in the retail and hospitality industry
