Japan is notorious for its heavy cash usage, something the government was keen to change. It set a target of reaching 40% cashless payments by 2025 and 80% long term, providing incentives along the way. By the end of 2024 it reached its goal with a cashless figure of 42.8%.
Nonetheless, a significant slice of the population remains tied to cash payment habits. More than 65,000 convenience stores in Japan accept payments for utility bills and e-commerce transactions using cash, called Konbini payments. In fact, this is the third most popular form of e-commerce payment amongst women, according to a Softbank survey. More than 47% of people visit a convenience store weekly, with 80% visiting at least monthly.
This infrastructure presents an opportunity for stablecoin remittances. If people already use convenience stores to pay for online shopping with cash, the same system could enable low-cost overseas transfers. Customers pay in cash as usual and will probably use similar QR codes as for online shopping. The company providing the infrastructure to the convenience stores will send the payment using stablecoins.
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