In that regard, the Bank of Japan has been, from a standpoint of conducting monetary policy, monitoring a wide range of economic and financial developments at home and abroad and making in-depth research and analyses, as well as striving to improve infrastructure, including financial markets and the payment and settlement system.
On December 9, 2015, the framework for the National Retail Payment System (NRPS) to create a safe, efficient, affordable, and interoperable electronic retail payment system was launched. Ultimately, the goal is to increase retail electronic payment transactions to twenty percent (20%) by 2020 and improve the country’s economic competitiveness. Realization of this goal requires an enormous collaborative effort among various stakeholders.