Cashless payment point reward system Ends in 30 days 13:53 on June 29
The point-reward system for cashless settlement, which started in October last year due to the increase in the consumption tax rate, will end in 30 days.
The cashless payment point return system is a system where small and medium-sized stores receive cashless payments such as credit card and smartphone QR codes at up to 5%.
The purpose was to support consumption after raising the consumption tax rate and to spread cashless payments.
According to the Ministry of Economy, Trade and Industry, 1.15 million stores, which is more than double the initial assumption, participated, and the return to users has reached 353 billion yen by the middle of April.
Approximately 30% of participating stores said that they introduced cashless for the first time or added more types.
Moreover, the Ministry of Economy, Trade and Industry said that there was a certain effect on the diffusion, as the ratio of cashless to total expenditure increased to 26.7% last year.
However, during the period, the payment fee paid by the store side is suppressed to 3.25%, but after the end, it may be raised from 5% to about 7%, which will be a factor to press down profits There are also concerns about whether it will take root.
For the purpose of supporting consumption, the government will implement a system for those who have my number card from September to next March, in which points of up to 5,000 yen can be returned by cashless payment ..
Expert "Drastic review of payment fees"
Experts have pointed out that in order for cashless payments to take hold, barriers such as payment fees that are burdensome on the store side must be fundamentally reviewed.
Yasuyuki Fuchida, Senior Fellow, Nomura Institute of Capital Markets Research, said that the point-rewarding system was a major motivation for consumers and many stores to become aware of the importance of cashless payments and had a policy effect that exceeded expectations. Did.
On top of that, there are three barriers to the establishment of cashless payments: "There are three barriers: store fees paid to payment providers, payment terminal installation costs, and the time it takes for sales to be paid to a store account. If we do not solve the problem, cashless payments may slow down in expansion."
Furthermore, as the spread of the new coronavirus spreads, there is a growing trend to place more emphasis on cashless payments globally, saying, ``Until now, people who want to do cashless should do it, but from now on, who will do it? It must be a living infrastructure that can be used cheaply," he said, and it is necessary to fundamentally reassess how payment fees, which are more expensive than overseas, should be radically revised.