Japanese Transportation Industry Leads National Cashless Effort

Asia Blockchain Review
June 28, 2019

Japan’s transportation industry has been leading the nation’s ongoing efforts to transform into a cashless society. In early June, two local e-commerce and transport industry giants collaborated in promoting payments that do not require physical money.

As reported by Cointelegraph, e-commerce and internet company Rakuten aims to incorporate its services into the East Japan Railway Company (JR East) to provide support for its smart fare cards, which can be used to access trains as well as pay for goods and services. 

Breaking Old Habits in Pushing Towards a Cashless Society

This latest move has the potential to drastically alter the daily routines of Japanese commuters, while also contributing to the country’s push towards adopting cashless payment systems.

Japan’s transition to a cashless society is not without its obstacles. Owing to a combination of factors, including low crime, deflation, and an aging citizenry that remains content to use cash, only 20% of the nation’s population makes payments using cashless methods. 

It is hoped that the collaboration between Rakuten and JR East can serve as an important catalyst in the adoption of an intangible payment system and help to address cultural apathy.

Rakuten Pay Could Incorporate Cryptocurrency Support

In March, it was speculated by multiple publications that Rakuten Pay would consider incorporating cryptocurrency support into its mobile application. Given the firm’s newly announced partnership with JR East, this could indicate that Japanese commuters will have the option to use cryptocurrency to top up their Suica cards starting in 2020.

As one of the latest companies to be granted a license to operate a crypto exchange, Rakuten’s position as a leader in its field gives it considerable clout in promoting the use of cryptocurrencies.

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    AP and Everipedia Team Up to Publish US Election Race Calls on the Blockchain
    The Associated Press (AP), the world's most trusted news agency, will distribute race calls to Everi...

    October 20, 2020

    Breitling To Offer Digital Passport Based On Blockchain
    From October 13, 2020, all new Breitling watches will be delivered with a blockchain-based digital p...

    October 20, 2020

    An Overview of the State of Blockchain in Malaysia & Singapore
    This blog will take a deeper look at the past, present, and future prospects on blockchain technolog...

    October 19, 2020

    American PowerNet Eyes Rollout Of Energy Trading Technology In North America
    American PowerNet (APN) eyes rollout of energy trading technology in the North American market follo...

    October 18, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us