TOKYO -- Cashless payments have grown to account for more than one-third of all consumption in Japan, fueled by the demand for touchless purchasing options during the COVID-19 pandemic.
Cashless purchasing reached 111 trillion yen ($838 billion) in 2022, according to data from the Bank of Japan, the Japan Consumer Credit Association and the Payments Japan Association. The 17% annual gain lifted the total above 100 trillion yen for the first time.
