TOKYO – Tourists to Japan from Singapore and seven other Asian countries will soon find it easier to pay for their purchases using their local QR code wallets under a new joint payment scheme.
“One single QR code in a store can process payments from multiple payment operators across Asia,” Mr Kenichi Matsuguma, director of the cashless payment promotion office at Japan’s Ministry of Economy, Trade and Industry, told The Straits Times. In 2023, 39.3 per cent of all transactions in Japan were cashless ones, nearly triple the 13.2 per cent in 2010, according to Economy Ministry data. But the figure is much lower than that in neighbouring China and South Korea: In 2020, cashless payments made up 83 per cent of all transactions in China and 93.6 per cent in South Korea, according to a March 2023 report by a Japanese government study group on cashless payments.
However, the JPQR-unified QR code, which visitors from eight Asian countries including Singapore will be able to use, is known as “merchant-presented mode” , which is similar to Singapore’s SGQR.
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