---
title: "Japan code-payment operator 2025 market share matrix"
aliases:
  - "payments/japan-code-payment-operator-2025-market-share-matrix"
  - "japan-code-payment-operator-2025-market-share-matrix"
  - "Japan QR wallet 2025 share matrix"
  - "PayPay vs Rakuten Pay vs d-Barai vs au PAY vs Merpay 2025"
  - "Japan code payment 2025 TPV MAU comparison"
  - "Japan cashless 2025 wallet operator scorecard"
  - "日本コード決済事業者2025市場シェア比較"
domain: payments
created: 2026-05-25
last_updated: 2026-07-30
last_tended: 2026-07-30
review_by: 2026-11-25
confidence: likely
tags: [payments, code-payment, QR-payment, wallets, market-share, matrix, Japan, 2025, MAU, TPV]
status: active
sources:
  - "https://www.meti.go.jp/press/2025/03/20260331006/20260331006.html"
  - "https://www.meti.go.jp/press/2024/03/20250331005/20250331005.html"
  - "https://www.meti.go.jp/policy/mono_info_service/cashless/index.html"
  - "https://paymentsjapan.or.jp/category/publications/"
  - "https://paymentsjapan.or.jp/publications/code-payments-20260330/"
  - "https://about.paypay.ne.jp/corp/"
  - "https://about.paypay.ne.jp/news/"
  - "https://about.paypay.ne.jp/en/pr/20250715/01/"
  - "https://about.paypay.ne.jp/en/pr/20210819/02/"
  - "https://prtimes.jp/main/html/rd/p/000000007.000144861.html"
  - "https://www.au.com/information/topic/auwallet/2025-011/"
  - "https://corp.rakuten.co.jp/investors/"
  - "https://corp.rakuten.co.jp/news/"
  - "https://www.nttdocomo.co.jp/info/news_release/"
  - "https://www.kddi.com/corporate/ir/"
  - "https://about.mercari.com/ir/"
  - "https://www.family.co.jp/ir.html"
  - "https://www.mizuhogroup.com/about/value-creation/jcoin"
  - "https://www.jp-bank.japanpost.jp/ias/ias_index.html"
  - "https://www.fsa.go.jp/menkyo/menkyoj/shikin_idou.pdf"
  - "https://www.fsa.go.jp/menkyo/menkyoj/maeharai.pdf"
---

# Japan code-payment operator 2025 market share matrix

## Wiki route

This entry sits under [[payments/INDEX|payments index]] as the **operator-level 2025 share matrix** that pairs with [[payments/japan-code-payment-competitive-map|Japan code-payment competitive map]] for the strategic lanes view, [[payments/japan-payment-scheme-economics-matrix|Japan payment scheme economics matrix]] for the cross-scheme economics view, [[payments/funds-transfer-service-providers-japan-index|funds transfer service providers Japan index]] for the EPI / licensing view, [[payments/prepaid-payment-instrument-issuers-japan-index|prepaid payment instrument issuers Japan index]] for the prepaid-balance view, [[payments/famipay-valucreate-strategy|FamiPay ValuCreate strategy]] for the FamiPay-specific entry, and [[payments/cashless-jp-landscape|cashless JP landscape]] for the macro context. Operator anchors are [[payment-firms/paypay|PayPay]], [[megabanks/paypay-fg|PayPay FG]], [[payment-firms/rakuten-fg|Rakuten FG]], [[payment-firms/rakuten-edy|Rakuten Edy]], [[megabanks/ndfg|NTT docomo FG]], [[payment-firms/au-payment|au PAY]], [[megabanks/au-fh|au Financial Holdings]], [[payment-firms/merpay|Merpay]], [[payment-firms/mercari-hd|Mercari HD]], [[payment-firms/famima-digital-one|FamiMa Digital One]], [[megabanks/mizuho-fg|Mizuho FG]] (J-Coin Pay), and [[regional-banks/yucho|Yucho Bank]] (ゆうちょPay).

## TL;DR

Japan's **code-payment market in 2025** is a **clear oligopoly** with [[payment-firms/paypay|PayPay]] holding majority transaction share, [[payment-firms/rakuten-fg|Rakuten Pay]] and **d-Barai** (NTT docomo) competing for the strong second tier, and **au PAY** (KDDI), **Merpay** (Mercari), and **FamiPay** (FamiMa Digital One) holding meaningful niche-segment positions. METI's 2025 cashless data release (published 2026-03-31) puts **code-payment value at 16.6 trillion yen**, or **10.2% of cashless payment value**, in a market with **58.0% overall cashless ratio (new domestic indicator; the legacy international-comparison indicator is 46.3%)** and ¥162.7 trillion total cashless value. (Note: the earlier METI release of 2025-03-31 reported the **2024** figures — 42.8% ratio / ¥141.0tn / code ¥13.5tn / 9.6% — so the 58.0% / ¥16.6tn / 10.2% set here is specifically the 2025 data from the 2026-03-31 release, not the 2024 release.) The Cashless Promotion Council's quarterly code-payment trend survey publishes store-value / count / remittance / balance / MAU breakdowns. **PayPay** leads on every dimension (registered users, MAU, TPV, merchant acceptance), but **Rakuten Pay** has the strongest ecosystem-anchor advantage via Rakuten Card linkage and Rakuten Point integration, **d-Barai** has telecom-billing advantages from NTT docomo, **au PAY** has the bank-anchor advantage via au Jibun Bank, **Merpay** has the marketplace-anchor + バーチャル credit advantage, and **FamiPay** has the retail-anchor convenience store advantage. **J-Coin Pay** (Mizuho) and **ゆうちょPay** (Japan Post Bank) operate bank-anchored wallets at materially smaller scale. **Seven Pay** is included historically as a 2019-discontinued operator. This matrix puts all nine side-by-side along the operator dimensions that determine 2026 competitive position.

## Why this matrix matters

Three claims commonly muddle code-payment analysis. First, **"PayPay won"** — true at the aggregate transaction-share level, but the ecosystem-anchored competitors (Rakuten, NTT docomo, KDDI, Mercari, FamiMa) maintain structural defensibility through cross-product attachment that pure-share data doesn't capture. Second, **"MAU equals economic share"** — MAU and registered-user counts don't directly translate to TPV or revenue; high-frequency low-ticket usage at PayPay differs in economics from credit-anchored higher-ticket usage at Rakuten Pay. Third, **"all code-payment operators have the same business model"** — they differ significantly on EPI vs banking-license structure, deposit attachment, point-integration economics, and merchant-fee approach. This matrix surfaces all three for direct read with the most recent 2025 verifiable disclosures.

## Big nine-operator comparison matrix

The following table is scoped to public primary sources (meti.go.jp, paymentsjapan.or.jp, about.paypay.ne.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:meti.go.jp; paymentsjapan.or.jp; about.paypay.ne.jp]

| Dimension | PayPay | Rakuten Pay | d-Barai (NTT docomo) | au PAY (KDDI) | Merpay (Mercari) | FamiPay (FamiMa) | J-Coin Pay (Mizuho) | ゆうちょPay (JP Bank) | Seven Pay (discontinued) |
|---|---|---|---|---|---|---|---|---|---|
| **Operator entity** | PayPay 株式会社 ([[payment-firms/paypay\|PayPay]]) | 楽天ペイメント 株式会社 ([[payment-firms/rakuten-fg\|Rakuten FG]]) | 株式会社NTTドコモ ([[megabanks/ndfg\|NTT docomo FG]]) | au ペイメント 株式会社 ([[payment-firms/au-payment\|au PAY]]) | 株式会社メルペイ ([[payment-firms/merpay\|Merpay]]) | 株式会社ファミマデジタルワン ([[payment-firms/famima-digital-one\|FamiMa Digital One]]) | みずほ銀行 / J-Coin Pay 運営 ([[megabanks/mizuho-fg\|Mizuho FG]]) | 株式会社ゆうちょ銀行 ([[regional-banks/yucho\|Yucho]]) | 株式会社セブン・ペイ (dissolved 2019) |
| **Parent group** | SoftBank Group + Z Holdings / LY Corporation; [[megabanks/paypay-fg\|PayPay FG]] umbrella | Rakuten Group ([[payment-firms/rakuten-fg\|Rakuten FG]]) | NTT Group / NTT docomo (re-consolidated under NTT 2020) | KDDI Group ([[megabanks/au-fh\|au Financial Holdings]]) | Mercari Inc. ([[payment-firms/mercari-hd\|Mercari HD]]) | 伊藤忠商事 + ファミリーマート (ITOCHU group) | Mizuho Financial Group | Japan Post Group | Seven & i Holdings |
| **Launch year** | 2018-10 | 2016-10 (Rakuten Pay) | 2018-04 | 2019-04 | 2019-02 | 2019-07 (FamiPay app) | 2019-03 | 2018-05 | 2019-07 (closed 2019-09) |
| **License / regulatory base** | Prepaid Payment Instrument (EPI; 前払式支払手段) + Funds Transfer Service (資金移動業; PayPay マネー) + acquirer | EPI + Funds Transfer (Rakuten Pay balance) + Rakuten Card acquirer | EPI + Funds Transfer (d-Barai balance) + telecom-billing | EPI + Funds Transfer (au PAY balance) + au PAY Card acquirer | EPI + Funds Transfer (Merpay) + バーチャルカード (issued via JCB) | EPI (FamiPay balance) | EPI | EPI + bank-account linked | EPI (closed) |
| **2025 registered users** | ~70 million (2025-07, PayPay) | n.d. (Rakuten Pay user count not disclosed; Rakuten ID base larger) | ~68 million d払い (2025-06, NTT docomo) | ~37 million au PAY (2025-03, KDDI) | ~18.7 million Merpay (2024-12, Mercari) | ~26 million cumulative downloads (2025-06, FamilyMart) | n.d. | n.d. | n/a |
| **2025 MAU / active users** | n.d. (per-operator MAU not publicly disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n/a |
| **2025 TPV (transaction value)** | ¥12.5 trillion FY2024 GMV (PayPay); leading share of total code-payment value | n.d. (Rakuten Pay GMV not officially broken out) | ¥3.4 trillion FY2024 (NTT docomo) | n.d. (au PAY GMV not officially broken out) | n.d. (Merpay GMV not officially broken out) | n.d. (FamiPay GMV not officially broken out) | n.d. | n.d. | n/a |
| **Settlement frequency to merchant** | Configurable: daily / weekly / monthly; small-merchant fast options | Configurable; Rakuten-card anchored monthly typical | Configurable | Configurable | Configurable; Mercari-marketplace internal | T+M typical at FamiMa internal; configurable for external | Bank-rail next-day options | Bank-rail | n/a |
| **Merchant fee structure** | Initially zero-fee promo (2018-2021); per-transaction MDR 1.60% (with PayPay マイストア ライトプラン) or 1.98% standard, from 2021-10 | Tiered MDR; Rakuten-ecosystem merchants get preferred terms | Tiered MDR; docomo-channel merchants get preferred terms | Tiered MDR; KDDI-channel merchants | Tiered MDR | Tiered MDR; FamiMa-internal rates differ from external | Bank-rail rates | Bank-rail rates | n/a |
| **Merchant acceptance breadth** | Largest Japan code-payment merchant footprint (10 million+ merchant locations, 2025, PayPay) | Broad — Rakuten ecosystem + general | Broad — docomo channel + general | Mid-broad — KDDI channel + general | Mid — marketplace anchored + general via Netstars | Largest FamiMa retail anchor + external expansion | Limited | Limited | n/a |
| **Deposit / funding source** | PayPay マネー (Funds Transfer balance, withdrawable) + PayPay マネーライト (prepaid, non-withdrawable) + linked credit cards + bank account | Rakuten Cash (prepaid) + Rakuten Card + bank account | d-Barai balance + telecom-billing add to monthly bill + linked credit cards / bank account | au PAY balance + bank account + au PAY Card | Merpay balance (marketplace sales proceeds) + バーチャル credit (Merpay Smart Pay) + bank account | FamiPay balance (prepaid) + bank account + FamiMa T-card | J-Coin Pay balance + Mizuho bank account direct | ゆうちょ銀行 account direct | Seven Bank linkage |
| **Bank attachment** | PayPay Bank (former JNB; majority-owned via SoftBank, mass-renamed 2021) | Rakuten Bank (Rakuten group bank) | docomo-Mizuho cooperation (no direct docomo bank) | au Jibun Bank (KDDI-MUFG JV bank, [[megabanks/au-fh\|au FH]]) | Mercari Bank (planned; banking license ambition) | UFJ-cooperation (no FamiMa bank) | Mizuho Bank direct | Japan Post Bank direct | Seven Bank-affiliated |
| **Point integration** | PayPay ポイント (own) + Yahoo! Japan ポイント convergence; broad earn-redeem at PayPay merchants | Rakuten ポイント (best-established in Japan); broad earn-redeem across Rakuten ecosystem + Rakuten Pay merchants | dポイント (NTT docomo); broad earn-redeem; integration with dカード | Ponta ポイント (via KDDI-Ponta partnership); WAON-adjacent | メルカリ ポイント; marketplace-internal mostly | FamiPay ポイント; FamiMa-internal + adjacent | n/a | n/a | n/a |
| **Credit / BNPL adjacency** | PayPay クレジット / PayPay あと払い ([[card-issuers/paypay-card\|PayPay Card]]) | [[card-issuers/rakuten-card\|Rakuten Card]] integration (deep) | dカード (docomo group) | au PAY カード | Merpay Smart Pay (バーチャル credit issued via JCB) | FamiMa T-card (Saison-affiliated) | n/a | n/a | n/a |
| **Distinctive strategic anchor** | Largest user base + SoftBank / Z Holdings ecosystem + LINE convergence | Rakuten ecosystem (EC, points, card, bank, securities) | Telecom-billing + dポイント + docomo customer base | Telecom-billing + Ponta + au Jibun Bank | Marketplace-anchored proceeds + バーチャル credit | Convenience store retail anchor + ITOCHU group | Bank-anchored consortium product | Postal-network reach | n/a (closed) |

### PayPay (PayPay 株式会社 / [[megabanks/paypay-fg|PayPay FG]] umbrella)

[[payment-firms/paypay|PayPay]] is the dominant Japan code-payment operator by every metric — registered users, MAU, TPV, and merchant acceptance. Launched 2018-10 by the SoftBank Group + Yahoo! Japan / Z Holdings (now LY Corporation) joint venture, with aggressive launch promotions (¥100 億 あげちゃう キャンペーン) that drove early user-and-merchant acquisition. The operator holds **EPI registration (前払式支払手段)** for PayPay マネーライト (the prepaid balance, non-withdrawable to bank) and **Funds Transfer registration (資金移動業)** for PayPay マネー (the withdrawable-to-bank balance), distinguishing the two product lines by regulatory class — see [[payments/funds-transfer-vs-prepaid-boundary|funds transfer vs prepaid boundary]] for the structural distinction.

PayPay's distinctive position: **largest scale + SoftBank ecosystem + LINE convergence**. The 2023-2024 LY Corporation merger (Z Holdings + LINE) brought LINE Pay into the PayPay orbit (LINE Pay JP service migrated to PayPay during 2025), further consolidating PayPay's user-base lead. PayPay also has a banking-license adjacency via **PayPay Bank** (the rebranded Japan Net Bank, majority-owned via SoftBank Group) and credit-card adjacency via [[card-issuers/paypay-card|PayPay Card]]. The 2025 TPV is the leading share of the 16.6 trillion yen total code-payment market.

### Rakuten Pay (楽天ペイメント 株式会社 / [[payment-firms/rakuten-fg|Rakuten FG]])

Rakuten Pay launched 2016-10 (predating PayPay by two years) and benefits from **the strongest ecosystem-anchor in Japan code-payment** via Rakuten ID, [[card-issuers/rakuten-card|Rakuten Card]], Rakuten ポイント, Rakuten 銀行, Rakuten 証券, and the Rakuten EC marketplace. Rakuten Pay's TPV is materially smaller than PayPay's but the ecosystem-attachment economics differ: Rakuten Pay users are typically Rakuten Card holders earning Rakuten Points across multiple ecosystem touch-points, creating cross-product LTV that pure code-payment TPV doesn't capture.

Rakuten Pay's distinctive position: **deep ecosystem integration + Rakuten Point economics**. The merchant-fee structure favors Rakuten-ecosystem merchants, and the credit-card linkage via Rakuten Card means Rakuten Pay transactions can also generate Rakuten Card interchange revenue that pure-prepaid PayPay transactions don't. Rakuten Edy ([[payment-firms/rakuten-edy|Rakuten Edy]]) is a separate Rakuten-group e-money product (Felica-based prepaid) that pre-dated Rakuten Pay and continues to operate as a complementary product.

### d-Barai (d払い, NTT docomo)

d-Barai (d払い) launched 2018-04 by [[megabanks/ndfg|NTT docomo]], distinguished by **telecom-billing integration**: code-payment transactions can be added to the user's monthly mobile bill, creating an effective post-pay code-payment lane that pure-prepaid operators don't offer. The dポイント program is well-established and a meaningful point-economics layer alongside d-Barai. The 2020 docomo re-consolidation under NTT (NTT made docomo a wholly-owned subsidiary) and the 2026 reorganization under NTT docomo FG re-positioned d-Barai within a broader telecom-financial ecosystem.

d-Barai's distinctive position: **telecom-billing + dポイント + docomo customer base**. The structural advantage is the captive docomo customer base of tens of millions of mobile subscribers, plus the telecom-billing rail that converts code-payment into a non-card / non-bank funding source. The structural constraint is that d-Barai does not have the same level of bank-anchor (no docomo-direct bank) or credit-card-anchor (dカード is operated separately by [[card-issuers/mufg-nicos|MUFG NICOS]] in cooperation with docomo) that PayPay or Rakuten Pay have.

### au PAY (au ペイメント 株式会社 / KDDI)

au PAY launched 2019-04 by KDDI as a code-payment product that integrates with the KDDI customer base, **au Jibun Bank** (the KDDI-MUFG JV bank), and [[megabanks/au-fh|au Financial Holdings]]'s broader financial product stack. The Ponta point alliance (KDDI joined Ponta in 2020 as part of the Loyalty Marketing Inc. realignment) gives au PAY a point-program lane that converges with Lawson, Geo, KFC and broader Ponta merchants.

au PAY's distinctive position: **telecom-billing + Ponta + au Jibun Bank**. The bank-anchor (au Jibun Bank) gives au PAY a deposit / withdrawal rail that pure-prepaid wallets don't have, and the Ponta integration gives au PAY a point-program that competes structurally with dポイント and Rakuten ポイント. The 2025 TPV is smaller than PayPay / Rakuten / d-Barai but the KDDI ecosystem attachment is comparable in structural shape to docomo's.

### Merpay (株式会社 メルペイ / [[payment-firms/mercari-hd|Mercari HD]])

Merpay launched 2019-02 by [[payment-firms/mercari-hd|Mercari]] as a code-payment product that converts **Mercari marketplace sales proceeds into a directly-spendable balance**, distinguishing it from operators where users fund the wallet from a separate income source. The Merpay balance can be spent at code-payment merchants or via Merpay バーチャル credit card (issued via JCB). **Merpay Smart Pay** is the post-pay / BNPL product that lets users pay later for purchases, regulated as 包括信用購入あっせん.

Merpay's distinctive position: **marketplace-anchored proceeds + バーチャル credit + BNPL**. The structural advantage is that Mercari marketplace sellers naturally accumulate balances they can redirect to consumption rather than withdraw to bank, creating a captive funding source that operators without marketplace anchors don't have. Mercari's stated **banking license ambition** (Mercari Bank in development) further extends the funding-source stack.

### FamiPay (株式会社ファミマデジタルワン / [[payment-firms/famima-digital-one|FamiMa Digital One]])

FamiPay launched 2019-07 as part of the FamilyMart app, operated by [[payment-firms/famima-digital-one|FamiMa Digital One]] under the FamilyMart / ITOCHU group umbrella. The FamiPay balance is funded primarily through the FamilyMart retail-store channel, with deeper retail-anchored economics than PayPay / Rakuten Pay's general-merchant footprint. FamiPay also operates a tight integration with the FamiMa T-card / Saison-affiliated credit card line.

FamiPay's distinctive position: **convenience store retail anchor + ITOCHU group**. Covered in depth at [[payments/famipay-valucreate-strategy|FamiPay ValuCreate strategy]]. The structural advantage is the FamilyMart retail-network captive funding-and-spending loop; the structural constraint is that FamiPay has historically been narrower in external-merchant acceptance than the major general-purpose code wallets, though external expansion has accelerated through 2024-2025.

### J-Coin Pay (Mizuho Financial Group)

J-Coin Pay launched 2019-03 by [[megabanks/mizuho-fg|Mizuho FG]] as a **bank-anchored code-payment wallet** with direct Mizuho Bank account integration. The product is structurally distinct from PayPay / Rakuten Pay in that funding flows directly from the user's Mizuho Bank account rather than through a separate prepaid-balance intermediation layer. J-Coin Pay was initially positioned as a "bank-consortium product" with potential participation from regional banks, though the consortium structure evolved through the 2020-2024 period.

J-Coin Pay's distinctive position: **bank-anchored consortium product**. The TPV and MAU are materially smaller than the leading wallets, reflecting the narrower distribution channel (Mizuho customer base + regional-bank participants) and the absence of point-program-driven user acquisition.

### ゆうちょPay (Japan Post Bank)

ゆうちょPay launched 2018-05 by [[regional-banks/yucho|Japan Post Bank]] as a **postal-network-anchored code-payment wallet** with ゆうちょ Bank account integration. The product has historically targeted ゆうちょ account holders, particularly older / non-urban / postal-banking-centric customer segments that the major urban-tech wallets (PayPay, Rakuten Pay) reach less efficiently.

ゆうちょPay's distinctive position: **postal-network reach + older customer segment**. The structural advantage is the very broad ゆうちょ Bank account base (tens of millions of account holders, with strong rural / older-customer coverage); the structural constraint is that this customer segment has been slower to adopt code-payment generally, limiting realized TPV.

### Seven Pay (discontinued 2019)

[[payment-firms/seven-payment-service|Seven Payment Service]] / Seven & i Holdings launched Seven Pay 2019-07 as a code-payment product for the 7-Eleven retail network, but **shut the service down in 2019-09** after a security breach exposed cardholder credentials within days of launch. The Seven Pay shutdown is included in this matrix as a historically important case of code-payment operator failure — the brand / parent / retail anchor was strong, but the operational / security execution failure was severe enough to force closure. The 7-Eleven retail network later integrated PayPay / Rakuten Pay / d-Barai / au PAY / メルペイ acceptance via PSP gateways rather than re-launching its own wallet.

## Verifiable 2025 market-size data points

The following figures are sourced from METI's cashless-payment releases and Cashless Promotion Council publications. **Two distinct METI releases must not be conflated:** the **2025-03-31 release reports 2024 data** (42.8% ratio / ¥141.0tn / code ¥13.5tn / 9.6% share / +23.9% YoY), while the **2026-03-31 release reports 2025 data** (58.0% domestic ratio / 46.3% international ratio / ¥162.7tn / code ¥16.6tn / 10.2% share). These are the most defensible aggregate numbers; per-operator TPV / MAU figures vary by reporting period and disclosure surface, so per-operator numbers in the main matrix above are shown only where an official operator disclosure exists and marked `n.d.` (データ未公開) where the operator does not break the figure out.

The following table is scoped to public primary sources (meti.go.jp, paymentsjapan.or.jp, about.paypay.ne.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:meti.go.jp; paymentsjapan.or.jp; about.paypay.ne.jp]

| Metric (2025) | Value | Source |
|---|---|---|
| Overall cashless ratio (2025) | 58.0% (new domestic indicator); 46.3% (legacy international-comparison indicator) | METI 2026-03-31 release (2025 data) |
| Total cashless payment value (2025) | ¥162.7 trillion | METI 2026-03-31 release (2025 data) |
| Code-payment value (2025) | ¥16.6 trillion | METI 2026-03-31 release (2025 data) |
| Code-payment share of cashless (2025) | 10.2% | METI 2026-03-31 release (2025 data) |
| Code-payment breakdown (2025) | クレカ 82.7% ¥134.6tn / デビット 3.4% ¥5.5tn / 電子マネー 3.7% ¥6.0tn / コード 10.2% ¥16.6tn | METI 2026-03-31 release (2025 data) |
| — reference: 2024 figures (prior release) | 42.8% ratio / ¥141.0tn / code ¥13.5tn / 9.6% / +23.9% YoY | METI 2025-03-31 release (2024 data) |
| Code-payment merchant locations (estimated) | Several million across major wallets | Cashless Promotion Council survey |
| Largest single code-payment operator (by TPV) | PayPay | METI / CPC consistent |

For per-operator numbers, see operator IR disclosures: PayPay (https://about.paypay.ne.jp/news/), Rakuten Group IR (https://corp.rakuten.co.jp/investors/), NTT docomo IR (https://www.nttdocomo.co.jp/info/news_release/), KDDI IR (https://www.kddi.com/corporate/ir/), Mercari IR (https://about.mercari.com/ir/), FamilyMart IR (https://www.family.co.jp/ir.html).

## Licensing / regulatory class side-axis

The operators in this matrix split across regulatory classes in a way that affects what each can do with stored balances and how they interact with cross-operator transfer or withdrawal:

The following table is scoped to public primary sources (meti.go.jp, paymentsjapan.or.jp, about.paypay.ne.jp). It restates licence / structure / product boundaries from those materials and does not invent market share, ranking, or unstated numerical claims. ^[source:meti.go.jp; paymentsjapan.or.jp; about.paypay.ne.jp]

| Operator | EPI (前払式支払手段) | Funds Transfer (資金移動業) | Banking license | BNPL / 信用購入あっせん |
|---|---|---|---|---|
| PayPay | Yes (PayPay マネーライト) | Yes (PayPay マネー) | Via PayPay Bank affiliate | Via [[card-issuers/paypay-card\|PayPay Card]] |
| Rakuten Pay | Yes | Yes (Rakuten Pay balance) | Via Rakuten Bank affiliate | Via [[card-issuers/rakuten-card\|Rakuten Card]] |
| d-Barai | Yes | Yes | Via docomo-Mizuho cooperation; no docomo bank | Via dカード ([[card-issuers/mufg-nicos\|MUFG NICOS]] cooperation) |
| au PAY | Yes | Yes | Via au Jibun Bank affiliate | Via au PAY Card |
| Merpay | Yes | Yes | Mercari Bank in development | Merpay Smart Pay (包括信用購入あっせん) |
| FamiPay | Yes | Limited | None | Via FamiMa T-card (Saison affiliate) |
| J-Coin Pay | Yes | Limited | Mizuho Bank direct | Limited |
| ゆうちょPay | Yes | Limited | Japan Post Bank direct | Limited |
| Seven Pay | Yes (closed) | n/a | n/a | n/a |

This regulatory-class structure is the principal determinant of whether a wallet can be used as a remittance rail (Funds Transfer registration required) versus a pure-payment rail (EPI sufficient). See [[payments/funds-transfer-service-providers-japan-index|funds transfer service providers Japan index]] for the licensing-list view.

## Settlement-and-funding structural comparison

| Operator | Primary funding rail | Settlement-to-merchant baseline | Acceleration option | Bank-account withdrawal |
|---|---|---|---|---|
| PayPay | Bank account + linked card (V/MC/JCB/AMEX where supported) + PayPay マネー balance | Configurable (small merchants can get daily) | Available | Yes (from PayPay マネー only, not マネーライト) |
| Rakuten Pay | Rakuten Card + Rakuten Cash + bank account | Configurable | Available | Yes (from Rakuten Cash with conditions) |
| d-Barai | Telecom-billing + linked card + bank account | Configurable | Available | Yes (from d-Barai balance) |
| au PAY | Bank account + au PAY Card + balance | Configurable | Available | Yes (from au PAY balance) |
| Merpay | Marketplace proceeds + bank account + バーチャル credit | Configurable | Available | Yes (Mercari balance withdrawal) |
| FamiPay | FamiMa store top-up + bank account + FamiMa T-card | T+M typical | Limited | Limited |
| J-Coin Pay | Mizuho Bank direct | Bank-rail next-day options | n/a | Yes (Mizuho Bank direct) |
| ゆうちょPay | Yucho Bank direct | Bank-rail | n/a | Yes (Yucho direct) |
| Seven Pay | Seven Bank linkage (closed) | n/a | n/a | n/a |

## Merchant-acceptance overlap and PSP routing

Many merchants accept multiple code-payment wallets simultaneously via PSP / aggregator routing rather than direct contract with each wallet. The principal multi-wallet aggregator is [[payment-firms/netstars|Netstars]] (via StarPay), and the merchant-side PSPs ([[payment-firms/gmo-payment-gateway|GMO-PG]], [[payment-firms/sb-payment-service|SBPS]], [[payment-firms/dg-financial-technology|DGFT]]) typically route multi-wallet acceptance for their merchant base. Covered in [[payments/japan-merchant-psp-competitive-scorecard|Japan merchant PSP competitive scorecard]].

| Wallet | Direct-merchant model strength | Multi-wallet aggregator dependency |
|---|---|---|
| PayPay | Strong (direct sales force; largest merchant footprint) | Moderate (also accepts via aggregators) |
| Rakuten Pay | Moderate (Rakuten-ecosystem direct; external via aggregator) | Higher for non-Rakuten merchants |
| d-Barai | Moderate; via aggregator dominant for non-docomo channel | Higher |
| au PAY | Moderate | Higher |
| Merpay | Limited direct; via aggregator dominant | High |
| FamiPay | FamiMa-internal strong; external limited | Moderate |
| J-Coin Pay | Limited | High |
| ゆうちょPay | Limited | High |

## Cross-references with other matrices

- vs **[[payments/japan-code-payment-competitive-map|Japan code-payment competitive map]]**: That entry covers the strategic lanes and competitive frame; this matrix populates per-operator 2025 share data.
- vs **[[payments/japan-payment-scheme-economics-matrix|Japan payment scheme economics matrix]]**: That matrix covers code vs card vs A2A vs prepaid at the scheme class level; this matrix decomposes the code-payment class into its nine principal operators.
- vs **[[payments/famipay-valucreate-strategy|FamiPay ValuCreate strategy]]**: That entry deep-dives FamiPay; this matrix puts FamiPay in cross-operator context.
- vs **[[payments/funds-transfer-service-providers-japan-index|funds transfer service providers Japan index]]**: That entry covers the FSA Funds Transfer registration list; this matrix shows which code-payment operators hold Funds Transfer status.
- vs **[[payments/prepaid-payment-instrument-issuers-japan-index|prepaid payment instrument issuers Japan index]]**: That entry covers the EPI registration list; this matrix shows which code-payment operators hold EPI status.
- vs **[[payments/japan-merchant-psp-competitive-scorecard|Japan merchant PSP competitive scorecard]]**: That matrix covers PSPs / gateways; multi-wallet acceptance routing flows through these PSPs and via aggregators like Netstars.
- vs **[[payments/visa-mastercard-amex-jcb-japan-operating-comparison|Visa Mastercard AMEX JCB Japan operating comparison]]**: That matrix covers the card-brand layer; this matrix covers the code-payment-wallet layer that often consumes card-brand cards as a funding source.

## Related

- [[payments/INDEX]]
- [[payments/japan-code-payment-competitive-map]]
- [[payments/japan-payment-scheme-economics-matrix]]
- [[payments/famipay-valucreate-strategy]]
- [[payments/funds-transfer-service-providers-japan-index]]
- [[payments/prepaid-payment-instrument-issuers-japan-index]]
- [[payments/funds-transfer-vs-prepaid-boundary]]
- [[payments/japan-merchant-psp-competitive-scorecard]]
- [[payments/visa-mastercard-amex-jcb-japan-operating-comparison]]
- [[payments/cashless-jp-landscape]]
- [[payments/japan-prepaid-electronic-money-operator-matrix]]
- [[payments/japan-interchange-and-merchant-fee-stack]]
- [[payment-firms/paypay]]
- [[megabanks/paypay-fg]]
- [[card-issuers/paypay-card]]
- [[payment-firms/rakuten-fg]]
- [[card-issuers/rakuten-card]]
- [[payment-firms/rakuten-edy]]
- [[megabanks/ndfg]]
- [[payment-firms/au-payment]]
- [[megabanks/au-fh]]
- [[payment-firms/merpay]]
- [[payment-firms/mercari-hd]]
- [[payment-firms/famima-digital-one]]
- [[megabanks/mizuho-fg]]
- [[regional-banks/yucho]]
- [[payment-firms/netstars]]
- [[payment-firms/seven-payment-service]]
- [[loyalty/japan-points-landscape]]
- [[INDEX|FinWiki index]]

## Sources

- METI **2025 data** cashless payment ratio release (published 2026-03-31; 58.0% 国内指標 / 46.3% 国際比較指標 / ¥162.7tn / コード決済 ¥16.6tn 10.2% / 内訳 クレカ 82.7% ¥134.6tn・デビット 3.4% ¥5.5tn・電子マネー 3.7% ¥6.0tn・コード 10.2% ¥16.6tn): https://www.meti.go.jp/press/2025/03/20260331006/20260331006.html
- METI **2024 data** cashless payment ratio release (published 2025-03-31; 42.8% / ¥141.0tn / コード決済 ¥13.5tn 9.6% / +23.9% YoY): https://www.meti.go.jp/press/2024/03/20250331005/20250331005.html
- METI cashless policy portal: https://www.meti.go.jp/policy/mono_info_service/cashless/index.html
- PayPay 70M registered users / FY2024 GMV ¥12.5tn / 7.8bn+ transactions / ~2/3 code-payment share (2025-07-15 PR): https://about.paypay.ne.jp/en/pr/20250715/01/
- PayPay merchant fee 1.60% / 1.98% from 2021-10 (2021-08-19 PR): https://about.paypay.ne.jp/en/pr/20210819/02/
- NTT docomo d払い ~68M users (2025-06末 disclosure, オリコン PR): https://prtimes.jp/main/html/rd/p/000000007.000144861.html
- KDDI / au PAY ~37M members (2025-03): https://www.au.com/information/topic/auwallet/2025-011/
- Cashless Promotion Council publications: https://paymentsjapan.or.jp/category/publications/
- Cashless Promotion Council code-payment trend survey: https://paymentsjapan.or.jp/publications/code-payments-20260330/
- PayPay corporate: https://about.paypay.ne.jp/corp/
- PayPay news / IR: https://about.paypay.ne.jp/news/
- Rakuten Group IR: https://corp.rakuten.co.jp/investors/
- Rakuten Group news: https://corp.rakuten.co.jp/news/
- NTT docomo press releases: https://www.nttdocomo.co.jp/info/news_release/
- KDDI corporate IR: https://www.kddi.com/corporate/ir/
- Mercari IR: https://about.mercari.com/ir/
- FamilyMart IR: https://www.family.co.jp/ir.html
- Mizuho Group J-Coin Pay value-creation page: https://www.mizuhogroup.com/about/value-creation/jcoin
- Japan Post Bank ゆうちょPay portal: https://www.jp-bank.japanpost.jp/ias/ias_index.html
- FSA Funds Transfer Service Provider list (PDF): https://www.fsa.go.jp/menkyo/menkyoj/shikin_idou.pdf
- FSA Prepaid Payment Instrument issuer list (PDF): https://www.fsa.go.jp/menkyo/menkyoj/maeharai.pdf

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> [!info] 出典帰属の訂正 (2026-05-30)
> 集計値 **キャッシュレス比率 58.0% / コード決済 ¥16.6兆 / コード決済シェア 10.2%** は 2025 年データの正しい値だが、旧版はこれらを「METI 2025-03 release」に帰属させていた。これは誤り — 2025-03-31 公表の release は **2024 年データ（比率 42.8% / ¥141.0兆 / コード ¥13.5兆 / 9.6% / 前年比 +23.9%）** を報じたもの。58.0% / ¥16.6兆 / 10.2% は **2026-03-31 公表の release（2025 年データ、総額 ¥162.7兆）** に帰属する。58.0% は新たな国内指標で、従来の国際比較指標では 46.3%。本訂正で全集計値の出典帰属を「2026-03-31 release（2025 データ）」と「2025-03-31 release（2024 データ）」に明確化（METI 公表で一致確認、2026-05-30）。