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How consumer adoption of contactless payments has gone through the roof in South Korea and Japan

Research from Informa reveals that more than 90% of the total global value of transactions from mobile NFC payments, i.e. US$ 2.4 billion in 2011, was generated in the Asia Pacific region, particularly in Japan and South Korea. Although Europe, Canada have also significantly scaled up in terms of NFC payments but Japan and South Korea are outstanding examples. This article reflects how Japan and Korea have become hotspots in the world when it comes to contactless payments.

JAPAN

Japanese people have readily welcomes the notion of ‘convenience’ that contactless payment brings. Japan witnessed the first rollout of contactless wallets, based on Sony’s FeliCa, back in 2004. Can you beat that? Japan has largest number of NFC enabled POS (>1 Million) in the world. Th ...

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