The credit-card unit of Mitsubishi UFJ Financial Group is reportedly aiming to almost double transactions by the time Tokyo hosts the Olympic Games in 2020.
Mitsubishi UFJ Nicos and its group companies are targeting combined card transactions of JPY20 trillion (US$197 billion), up from JPY10.2 trillion in the year that ended in March, the company’s president Haruo Inoue was quoted as saying by news agency Bloomberg.
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"The credit-card market has room to grow as Japan catches up with global trends to use less physical currency and build infrastructure to meet demand from foreign visitors," he said.
"Japan is still a cash-based economy but we’ll see a lot of visitors from cashless countries coming for the Olympics," Inoue was further quoted as saying.
Inoue added that card transactions in Japan can grow to make up as much as 25% consumer spending from the current 13%, a level similar to the US.
The Japanese company aims to increase users in rural areas through Mitsubishi UFJ’s client network.
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By GlobalDataInoue also revealed that Mitsubishi UFJ Nicos will consider expanding transaction methods, including electronic money and debit-card payments, while credit cards will remain the core product.
