Oscar Wilde was absolutely right when he said, “The whole of Japan is of pure invention. There is no such country, there is no such people in the world.” Having quoted that. Japan and the Japanese have always been headliners when it comes to modern innovation and technological advancements with its deep cultural roots still intact. This is a place where modern trends and infrastructure co-exist in unison with ancient, traditional values and principles. 

The onset of the Covid-19 pandemic has given global economies to digitally transform all their industries to keep up with the rapidly evolving B2B and B2C requirements. One such rapidly evolving sector is banking and finance. People all over the world wanted ease of online transaction and avoid long queues at banks. Thus, the need of digital wallets and E-payment systems significantly rose.

The Japanese government is preparing to introduce a system for companies to pay salaries digitally – without going through bank accounts – by spring 2023. By promoting this system, which allows companies to transfer salaries to workers using smartphone payment apps, the government hopes to solve the complex issues facing foreign workers in Japan, expand the financial services market and deregulation, and promote growth.

However, according to a survey of 247 companies conducted by Works Human Intelligence, a leading developer of integrated HR systems for corporate clients, less than 30% of companies are considering or will consider implementing digital salary payment. The survey found that system and operational costs and increased operational person-hours were the main barriers.