How Japan is moving towards a cashless society with digital salary payments

The Japanese government is preparing to introduce a system for companies to pay salaries digitally – without going through bank accounts – by spring 2023. By promoting this system, which allows companies to transfer salaries to workers using smartphone payment apps, the government hopes to solve the complex issues facing foreign workers in Japan, expand the financial services market and deregulation, and promote growth.

The potential benefits of paying salaries digitally are significant. It reduces administrative fees associated with payroll payments and helps foreign workers, who often find it difficult to open a bank account. Companies can also indirectly offer benefits such as cashback and point rewards for using QR code payments and e-money payments as part of their employee benefits program. On the other hand, the survey highlighted that most companies are not yet ready to adopt such a system.

Japan income fundJPMorgan Japan Small Cap Growth & Income (LONJSGI), targets Japan income without compromising on Japanese growth opportunities. This Japan income investing opportunity gives investors access to a diverse and fast growing sector managed by local managers.

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