Fintech in Japan - statistics & facts
Despite government efforts to spur growth in the Japanese fintech sector, several barriers remain to the widespread adoption of innovative financial services in the world’s fourth-largest economy. Fintech, a compound of the words finance and technology, describes the use of information technologies, like blockchain, , and big data, to provide improved and innovative financial services in industries such as banking, insurance, and securities. Digital payment and settlement services form the core of the Japanese fintech sector. Compared to other advanced economies, Japan’s level of cashless payment usage is still low but has seen a steady increase over the past years, with one payment option in particular gaining traction.
