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Online financial transactions in Japan

What Japan Thinks - Mon, 11/30/2020 - 18:39
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This survey from MMD Labo looked at many aspects of online financial transactions in Japan. Note that the topic is banking and investment-related transactions, not ordinary online shopping.

I don’t do any financial transactions online because, as is tradition in Japan, I leave all the money stuff to my wife.

In Q4, I am very surprised by the result that over half use QR or bar code-based payment methods, yet less than a third use IC Card contactless, given that almost every phone sold in Japan is contactless-ready (mind you, they are also QR Core-ready) and my experience with trains is that the vast majority are using some form of contactless payment, although I suppose since I travel mostly on commuter lines in the big city I have certain observer bias.

Research results Q1: Have you used an internet bank or internet banking? (Sample size=4,400)  
Currently using
Used to use
Investigating using
Not used
All
61.6%
7.7%
4.2%
26.5%
10 to 29 years old
N=829
43.4%
9.4%
7.7%
39.4%
30 to 39 years old
N=785
58.1%
8.4%
4.8%
28.7%
40 to 49 years old
N=1,014
67.6%
7.8%
3.9%
20.7%
50 to 59 years old
N=892
69.1%
5.5%
2.6%
22.9%
60 to 69 years old
N=880
67.4%
7.5%
2.4%
22.7%
Q2: Which is the main internet bank or internet banking that you have used? (Sample size=324) Rakuten Bank
30.9%
Yucho (post office) Bank
9.6%
Mizuho Bank
7.7%
Sumitomo SBI Net Bank
7.4%
Mitsubishi UFJ Bank
7.4%
Regional bank
7.4%
Japan Net Bank
5.6%
Mitsui Sumitomo (SMBC) Bank
4.9%
Sony Bank
3.4%
au Jibun Bank
3.4%
Aeon Bank
3.1%
Shinsei Bank
2.5%
Seven Bank
1.2%
Risona Bank
1.2%
Shinkin (credit association) Bank
1.2%
Q3: What is important then choosing an internet bank or internet banking? (Sample size=317, multiple answer) Cheap, free transaction fees
62.1%
24-hour usage
40.7%
Simple processes
38.8%
Trustworthy security
38.2%
Can use app
25.2%
Location of ATMs
24.0%
High interest rates
21.5%
Ease of use of transaction tools
18.9%
Full lineup of service, transaction products
16.1%
Reduces fiddly data entry
15.5%
Other
1.3%
Q4: Do you use cashless payment service, and have you linked these services to your bank account? (Sample size=4,400) Q4A: QR code, bar code-based Using, and linked
29.1%
Using, not linked
23.1%
Used, linked
2.4%
Used, not linked
2.8%
Not used
42.7%
Q4B: Smartphone contactless-based Using, and linked
12.8%
Using, not linked
19.4%
Used, linked
2.4%
Used, not linked
3.3%
Not used
62.1%
Q4C: Card-based e-cash Using, and linked
16.7%
Using, not linked
31.3%
Used, linked
2.2%
Used, not linked
5.3%
Not used
44.5%
Q5: Why did you link your cashless payment service to your bank account? (Sample size=1,815) To spend less time withdrawing cash at the ATM
42.4%
Can make the payment there and then
32.8%
Has an auto-charge facility that makes things easier
30.7%
Because it was issued through my bank account
27.2%
Easy to find out how much money I spend
22.5%
Because I don’t have a credit card
9.9%
Other
2.3%
No particular reason
11.1%
Q6: Do you feel financial transactions on the internet are unsafe? (Sample size=4,400) Yes
27.6%
Perhaps
40.5%
Perhaps not
21.3%
No
10.7%

Not surprisingly, for both sexes, more older people felt it was unsafe than younger people, but also women in their teens and twenties felt it more unsafe than men in their sixties.

Q7: What security measures do you take when performing financial transactions with your internet bank, banking? (Sample size=316, multiple answer) Carefully check my transaction history
37.3%
Set up two factor authentication
34.8%
Don’t log in on public computers
30.1%
Keep OS and software up-to-date
27.8%
Don’t use public Wi-Fi
27.5%
Install security software
25.6%
Use smartphone screen lock feature
24.4%
Set up a notification email address
21.5%
Take anti-spam measures
20.9%
Use a strong password
18.7%
Stop, plan to stop bank account, payment service
5.4%
Other
0.9%
Nothing in particular
15.2%
Q8: Have you ever bought and sold shares online? (Sample size=4,400) Currently doing so
20.1%
Previously did so
6.8%
Investigating doing so
5.3%
Never done
67.8%

Those in their thirties were the most likely to have dealt online; 4.1 percentage points more than average were doing so.

Q9: Which online services have you used for share dealing? (Sample size=316, multiple answer, top 15) Rakuten Securities
24.8%
SBI Securities
21.9%
Nomura Securities
11.1%
Monex Securities
6.7%
Matsui Securities
4.1%
SMBC Nikko Securities
3.8%
SBI Neo Mobile Securities
3.5%
au Kabucom Securities
2.9%
GMO Clock Securities
2.9%
Daiwa Securities
2.9%
DMM.com Securities
2,2%
Mitsubishi UFJ Morgan Stanley Securities
1.9%
Tokai Tokyo Securities
1.9%
LINE Securities
1.6%
Sakuso Bank Securities
1.3%
Q10: What is important when choosing an internet share dealing service? (Sample size=326, multiple answer) Cheap fees
70.6%
Simple procedures for setting up account, etc
35.0%
Easy to use, easy to understand dealing tools
35.7%
Trustworthy security
34.0%
Non-pushy sales
25.8%
Broad range of products
24.8%
24-hour operation
23.9%
Mobile phone app
23.3%
Depth of fund information, analysis
20.6%
Easy to get in touch
13.5%
High interest rates
12.0%
Other
2.5%
Demographics

Between the 20th and 29th of October 2020 4,400 members of the MMD Labo monitor group completed a private internet-based questionnaire. From these 4,400 661 people who had used either internet banking or internet share dealing were selected for more detailed questioning. The sample was made up of males and females aged between 18 and 69 years of age.

The post Online financial transactions in Japan first appeared on 世論 What Japan Thinks.

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