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Many don't, and basic debit accounts don't offer 'standard' cards (VISA, etc...). Japan also has a culture of using cash everywhere (I have seen people handling
by cdavid 13y ago
Many don't, and basic debit accounts don't offer 'standard' cards (VISA, etc...). Japan also has a culture of using cash everywhere (I have seen people handling the equivalent of 1000s $ in cash numerous times), and it will be interesting to see what square can do there. Interesting challenges, and definitely something that needs improvements in Japan.
- mathrawka 13y agoI remember one of my first experience with a Japanese ATM... I put an extra 0 at the end and man, was I surprised when all that cash just kept coming out. I'd prefer to see Square be able to work with Suica, Pasmo, and all the other common ways that people actually pay for things here in Japan (besides cash of course)
- E14n 13y agoCash usage is mostly because people feel they are more likely to get cheated by the banks then be robbed (which is probably a pretty fair assessment of risk ;). I remember in the past making a $6,000 bank transfers by going to the convenience store ATM taking out money and going to the bank ATM. I don't know anywhere else in the world where I would feel safe doing that. There is also a lot of electronic money usage. Many people carry hundreds of dollars on their rail cards. Credit cards are considered risky in Japan. My understanding is that chargebacks are not enshrined in law so its not guaranteed and whether it is or not most people presume they will have to pay if their credit card is fraudulently charged. Convenience store payments are also popular because they are low risk and convenient.