Key Facts
• Japan’s three mega banks accelerate point-based economy strategies to attract customers.
• Point issuance by private firms projected to grow from ¥1.29 trillion (2023) to ¥1.63 trillion (2028).
• Mizuho Financial Group partners with Rakuten to launch high-reward Mizuho Rakuten Card.
• Sumitomo Mitsui Financial Group collaborates with PayPay for point exchange and app integration.
• Mitsubishi UFJ Financial Group adopts in-house strategy, leveraging its “MUT” service for retail partnerships.
• MUT aims to open 1 million new accounts by 2026 through enhanced point rewards.
• Consumers face challenges in selecting optimal services due to the proliferation of point ecosystems.
• Expert advice: Choose services based on immovable factors like banking or telecom providers.
Summary
Japan’s three major banking groups-Mizuho, Sumitomo Mitsui, and Mitsubishi UFJ-are intensifying their efforts to expand point-based economic ecosystems. These strategies aim to attract customers by offering high-reward point systems and leveraging partnerships across industries. Mizuho collaborates with Rakuten, while Sumitomo Mitsui aligns with PayPay for broader point exchange capabilities. Mitsubishi UFJ, maintaining an independent approach, uses its MUT service to enhance point rewards and target 1 million new accounts by 2026. However, the growing number of point ecosystems complicates consumer decision-making. Experts recommend focusing on essential services like banking or telecom providers to identify the most beneficial options.
