Revealing the consumer’s usage and mindset over electronic money and mobile payments

Nikkei Research Inc. released the results of its “Cashless Payment Survey” on July 29th, 2021.

With the impact of the new coronavirus, the consumer’s options for payment rapidly diversified. The survey was conducted in nationwide Japan, to ascertain the use of electronic money and mobile payment services, and to discover the characteristics of users, how they use them, and their mindset, by each payment methods.

Findings

• Among people who use electronic money/mobile payments, 77% use multiple services

  Usage of electronic money/mobile payment services (number of services)
  

• The most used is “PayPay”

  Main elecrtronic money/mobile paymentservices(TOP5)
  

• Many users are focused on“reward point redemption”. Depending on campaigns and service deployments, it is still uncertain which service will become the mainstream.

• Reasons for not using are,“Pain to use/Don't know how to use”, “Worried about security”, “Credit cards and debit cards are good enough”
   

Reasons not using electronic money/mobile payment services

• People who don’t use tend to have low financial literacy

• For gaining popularity, the promotion of safety, benefits of the service, and the ease of use is necessary.

Survey Outline

Deep Analysis

1. We analyzed the characteristics (such as by age group, region of residence, type of smartphone, etc.) of the user segments for each of the 16 cashless payment services, including eight QR code payment services.
2. In addition to the usage status of the electronic money/mobile payment services, reasons for using those services, reasons for choosing them, and dissatisfaction were also discovered.
3. The differences of mindset and payment behavior between users and non-users were explored through analysis from the financial literacy perspective and how they manage their expenses.
4. With the current usage of ATMs and their further intentions, the impact of cashless payment on ATMs were analyzed.
    

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About Nikkei Research

Established in 1970, Nikkei Research is a global marketing research and consultancy firm headquartered in Tokyo, Japan. As a member of the world’s largest business and economic focused media group --NIKKEI, with FT (Financial Times) also in the alliance, the company serve clients across broad industries upon various topics from branding to internal managerial issues. Overseas locations include the daughter company in Bangkok, Thailand and offices in the United States.
For more information, visit https://www.nikkei-r.co.jp/english/corporate/