Japan is preparing to carry out a huge cashless economy experiment by banishing physical cash from the venue of the World Expo 2025, to be held in Osaka.
According to Asian media organisation Nikkei, only credit cards, prepaid cards, and mobile payments will be accepted at the event. Prepaid cards will be available for those who do not own a smartphone while a new blockchain-based payment app will also make its debut at the world’s biggest fair.
The move would make the Expo a cashless fair for the first time in the event’s history, providing an opportunity for a large-scale cashless society experiment with up to 28 million visitors expected.
It also reflects the recent growth in popularity of cashless payments in Japan, fueled by the demand for touchless purchasing options during the COVID-19 pandemic.
According to data from the Bank of Japan, the Japan Consumer Credit Association and the Payments Japan Association, cashless purchasing reached 111 trillion yen ($838 billion) in 2022, accounting for more than one-third of all consumption. The 17% year-on-year rise saw cashless purchasing exceed 100 trillion yen for the first time.
One of the ways Expo 2025 is seeking to build on this shift is by developing the Expo Digital Wallet, a blockchain-based mobile payment app.
The app will reportedly allow the user to add money to the app via credit card, electronic money or bank transfer. It will be usable for purchases outside the Expo venue and after the event while users will earn points redeemable for merchandise and special offerings, Nikkei said.
The Osaka event will run from April 13 through Oct. 13, 2025. In all, 153 countries and regions will take part, along with eight international organisations.
