Module 19 Culture notes
Culture notes ー Japanese currency, digital payments, and IC cards
| Japanese currency: yen |
| The currency of Japan is the Japanese yen (JPY) and the yen sign is ￥.
The Japanese yen comes in coins and bills of various denominations. The coins are 1 yen, 5 yen, 10 yen, 50 yen, 100 yen, and 500 yen. The bills are 1,000 yen, 2,000 yen, 5,000 yen, and 10,000 yen, even though 2,000 yen bills are quite rare.
As of today (May 4, 2023), the exchange rate is 1 USD to 134.24 JPY.
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| Using cell phones to make payments |
In Japan, telephones have long been used for making payments through a service known as “telephone money transfer” or “denwa shiharai” in Japanese.
This service allows users to pay bills, purchase goods and services, ride public transportation, and transfer money to other people using their telephones.
Most recently, smartphone payment apps allow users to make digital payments. The most widely used payment apps include PayPay (developed by SoftBank), Line Pay (developed by the Line app), Rakuten Pay (developed by Rakuren online retailer), and Origami Pay (developed by SBI Holdings, Apply Pay and Google Pay.
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| IC cards in Japan |
| IC cards widely used in Japan are also known as smart cards for contactless payment. The most common use of IC cards in Japan is for transportation, particularly on train and subway lines in major cities like Tokyo, Osaka, and Kyoto.
These cards can be charged with funds and used to pay for fares by simply tapping the card on a reader at the ticket gate. They can also be used at convenience stores, vending machines, and other retail locations. One can simply tap the IC cards on a reader to pay for their purchases, making the transactions fast and convenient. Many IC cards in Japan are also compatible with mobile devices, allowing users to make payments and access services using their smartphones. |
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Source: Using Japanese prepaid IC cards