The government plans to set a return rate of 25 percent for cashless payments made through a temporary point program linked to My Number ID cards.
The upper limit of points a person can earn over the course of the program will be 5,000 yen. A cashless payment of 20,000 yen will earn points worth 5,000 yen.
The limited-time program is expected to cost the government about 200 billion yen.
The program is scheduled to start in September next year. My Number card holders will be able to earn points if they register in advance and use electronic money or smartphone payment services for shopping.
The system is scheduled to last until the end of March 2021, but could be extended depending on the usage situation. There will be no expiration date for using the points.
For prepaid cards, points are added at the time of advance payment. For payments made using QR codes on smartphones, points will be added after shopping based on the amount of money spent.
Read more from The Japan News at https://japannews.yomiuri.co.jp/
