On 18 September 2019, personal finance web site “Money book” operated by GV, together with financial consulting firm FPSatellite, announced the results of a nationwide survey on consumers’ perception of electronic payments.
The survey covers four main topics targeting consumers aged 20 to 69 years who do not use e-money:
- One in four surveyed consumers said they “had not used e-money” during last year.
- Number one reason for not using e-money is “mistrust and security concerns”.
- 80 percent of non-users of e-money responded they “knew about cashback reward points”.
- Less than 30 percent responded they “wanted to use e-money in the future”.
※Sample size of 1000 people; survey focuses on 276 non-users of e-money.
One in four have not used e-money
Out of 1,000 people in the sample, 276 persons (28 percent) said they had not used e-money during last year. Among non-users, 195 persons (71 percent) say they use cash, while 81 persons (29 percent) pay with cards.
※Payment methods such as credit, debit, prepaid cards, and travel smart cards are not counted as e-money.
Consumers’ perception of e-money
Security concerns such as risk of loss or theft of a smartphone, and data breaches were pointed out as number one reason (18 percent) for not using electronic payments. Among the top five reasons comprising 70 percent of responses for not using e-money, “prefer cash” (15 percent) places second, followed by “e-payment sounds like too much work” (15 percent), “don’t know how to use” (11 percent), and “not many stores offer e-payment service” (11 percent).
What are incentives to use cashless payment?
In response to the question “Do you know about cashback points rewarded for cashless payment starting with consumption tax rise in October 2019?”, 123 persons (44.6 percent) responded “I know”, 99 persons (35.9 percent) said “I’ve heard but do not know the details”, 54 persons (19.6 percent) replied “do not know and have no interest”. However, although about 80 percent of non-users are aware about cashback reward points, less than 30 percent responded they “intend to use e-money in the near future”.
Based on survey results, such measures as “alleviating security concerns”, “ensuring e-money is more convenient than cash”, and “wider adoption of e-payment services in stores” need to be taken to encourage more consumers to use cashless payment.
About survey
Methodology: internet research
Time frame: 5-8 September 2019
Sample size: 1,000 persons aged 20 to 69 years; 276 non-users of e-money in the sample
Survey supervisor: FPSatellite
Reference source:
https://www.money-book.jp/cashless-research2
GV