In high-tech Japan, cash is still king

Hasegawa working on a bicycle at his shop in Tokyo, next to a notice (right) offering customers the option to settle their bill via PayPay – a tie-up between Softbank and Yahoo. But only 'two or three' people a week are using the service, Hasegawa shares. — Photos: AFP

Once a pioneer in cashless transactions, Japan is now lagging behind as the world's biggest economies increasingly embrace electronic payments – because its ageing population still prefers physical money.

Four out of five purchases are still made with cash in Japan, despite its reputation as a futuristic and innovative nation. In South Korea, some 90% of transactions are digital, while Sweden aims to be a cashless society as early as 2023.