Japan’s new banknotes cause trouble for small businesses
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- Опубликовано: 2 июл 2024
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Japan began circulating its first new banknotes in 20 years on July 3, 2024. The nation’s existing bills will remain in use, but businesses that accept cash have been told to upgrade their payment machines. The change is not expected to have a major impact on most big operators such as ATMs providers and train-ticket vendors, but the high cost of new machines has been a headache for many small businesses.
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To be honest, Japan announced the change almost two years in advance. Most countries will announce such changes only months before implementation.
I dont know where you live but usually new banknotes are presented to the press like 1 year before. even the french 0 euro souvenir bill have been announced 1 year before
India announced it 4 hours earlier. It was a shitshow for months.
which countries are you talking about?
@@lkszmgrzk5881India announced suddenly 😅
India announces 12 hours before
Imagine all those vending machines..., lol
Still use coin
@@NotUwU-_- They all accept cash, at the very least 1000 JPY bills.
it won't be a problem. you can use other cash and these problem will eventually updated on every part of the country.
@@NotUwU-_- they will still need to update them regardless.
@@aileeno6063 haha plenty of machines in japan don't accept the "new" 500 yen coins that were introduced in 2021.
I finally realized why casinos use chips instead of cold hard cash (apart from the really obvious reason)
If there is a new currency that'll be over hundreds of machines being updated
One of the many reasons. Chips are also easier and more reliable to count at a table. A dealer doesn't have to pick up the chips to count them, unlike cash where they would because you can't trust a pile of cash like that.
@@MessyPointedBlob Chips make you forget it's money.
It's extremely uncommon for new currencies to be implemented in major economies... like this video said Japan hasn't had new ones since 2004
All the cash equivalent token/chip also take you away from the actual cost of the games.
@@Oebelysk its not a new currency per say, but just new bills
Bill changes are so annoying, our coutry went through them way too often and using machines was a total headache as well as determining if the one you were holding was fake since the rules gwt too confusing as consequence of the too frequent changes
My country changes their bill every view year, we have gotten used to it and the methods to identify the real ones are very practical with just your eyes, touch, and detail
@@ArariaKAgelessTravellerFancy telling me which country you are from? I'm Curious actually.
@@ArariaKAgelessTraveller
Indonesia? I guess.
@@hazaka97
Indonesia? I guess.
If you think that's annoying, come to Hong Kong. Where every note except for the 10hkd one has 3 variants. And all these notes change EVERY year. So since 2000 we have had 66 changes on every note and 22 for the 10 hkd one. And in total 352 changes across every note.
Its understandable,even their bus have this coin changing machine that will accept any amount you pay and still give you the exact change. Upgrading all of them to accept the new bill will be pretty much grandiose effort
対応するのは来年度中とのことでしばらくはかかりそうです しかしお店などの券売機は既に交換されてるところも多くあります
At our vending machine we have digital payment scanner at every vending machine. Just scan and pay the amount. That's it. And every restaurant, shop, there is only scanner. Scan and pay. Now We only pay via phone. I don't know when i used paper currency..
@@ramansingh5282 yep, the coin machine exist along with the Icoca/pasmo card payment. Japan is still cash heavy country like it or not, when going home I have plenty of spare Yen coin I forgot to spent during my visit
@@ramansingh5282 in most if not all countries using your card/phone takes away a bit from the income of the store. In japan it might be a higher rate than in many other countries (if you compare costs such as internet, phone, banking cards, etc)
They announced it two years early apparently not enough time
Yes, yes. As it is usual in Japan, people don't wanna update. Reminds me of when Microsoft finished their updates for XP, some municipalities opted for disconnecting computers from the Internet because they didn't want to transition to the newer Windows.
Lol, did you hear about the floppy disks? they've JUST phased it out.
@@alexander1989x Naw, loads of computers still use floppies.
They need not disconnect WinXP. There were updates until 2019.
Some don’t want to change as switching currency is big for Japan being a well known vending machine means they need to upgrade it,there are pros and cons like Microsoft trying to force its user to windows 11
BY THE WAY. Win XP is still the best even as of now.
meanwhile in australia... the government owned machines couldnt even handle new notes when they rolled out
i remember that. was over hype wasn't a major issue. australia over 20 years ago was already cashless with our eftpos and tap and go... australia introduced that
New 500 円 coin from 3 years ago still create problem all over Japan, even in big stations.
That’s more understandable because it’s just one coin that’s not very common. Updating the machine when the customer will almost always pay with a 100円 coin makes it not a priority.
In America they introduced a dollar coin about 10 years ago. Everyone hated it and they stopped making them.
そうそうそう。あの500円玉は新宿駅ですら使えないよ😂
Only the part that reads the bills need to be hot swappable , changing the whole machine is ridiculous
More on this: sc.mp/2cipf
For a country that innovates, Japan surely is reluctant to change.
innovated what?
@@caniz80 vending machines. you can buy condoms used by male pornstars or underwear worn by japanese schoolgirls
@@caniz80 better go search it on Google.
You only think that way because you have this false perception that Japan is innovative and futuristic
Japan has always been stubborn about clinging to the status quo
Japanese businesses loathe changes, you'd know if you worked for one before
@@fearmetoo-le8dw sadly, there're no vending machines selling bat soup in Japan.
I remember my family using these ticket machines at a bathhouse in Kyoto. We had no idea how to use the manual ticket machine that took cash only.
All they need to update is the bill acceptor, not the whole machine.
What if the machine is out of production? Now, you must find and pay a specialist to fabricate new components for the old machine and hope it works. If it doesn't, there is no customer service available.
Also needs a place to collect the new set of currency, and the machine to give change using a mix of old and new currency.
Mrsh, This should have been seen far in advance, and software developed to handle this, so no new machine parts would be needed at all. Sadly, this stuck-in-the-past mentality is strong in Japan.
@@venessankurumeh1549you can connect every bill acceptor to every machine.. so that wouldn’t be a problem
@@joshuatan942Why do you need a place to collect the new currency? Unless the currency is different dimensions, then all you need is to properly identify the new stuff. It can be stored with the old.
Yeah. I never thought the effect of new bills on those vending machine. 😅
Hindsight
People are afraid of change too. I saw a video on some small European country that recently ditched their paper chip looking coins because the older generations refused to use them. It was supposed to be lightweight compared to coins but more durable than paper money.
No need for the banknote update, Japan. You just need to dump us bonds often😂
Can't do that, they are a vasal state of US. Poor japan being used to keep inflation in US under control.
Can't do that. US vasal states only exist to help US trive. Vasal state economy is not important.
Can't do that unfortunately, vasal states of US don't have the freedom to stabilize their economy.
現金主義の高齢者の割合を考えると必要なものでした。
アメリカは日本の国内経済とはあまり関係してないですよ。政治は別ですが…🫣
@@legendnbg97 well, that is a fact 😂
Didn't know Japan has its own monopoly hat dude.
All of those machines could have been upgraded to nfc payment years ago anyways, so now they have the chance to upgrade both at once.
They should force the update so quickly give people time to do it
As someone who prefers cash over digital currency, I also think business owners prefer cash, so they are gonna have to figure out the machines.
There must be a time to exchange before the replacement right, still have much time 👌🏻
I cant believe they never accounted for that
for country which have so many vending machine, its def nightmarish to adjust both old and new notes ASAP
i really like the bg music haha
I'm really surprised that the hardware for accepting credit cards would be MORE expensive than the cash hardware upgrade. I wonder if they have some kind of high processing fees or something on stuff like that.
they should make credit card like the ones used for payphone
I have the previous yen and I'm at my home country now. Will the previous yen still be accepted by my local banks when I wanna change to my home country currency I wonder....
you can trade your money at bank for new currency
Imagine the size of the wallet to carry those notes from the beginning of the video!
What does it mean the portraits appear to be 3D? They look the same as any portrait I’ve seen on any banknote. They look like a 2D drawing of a 3D person.
How is it simply not an update to the software? Surely there is a hacky way around this that'd cost nothing but an open source piece of software.
The new design issue on the currency is really boom market for Automatic Seller Machine/ Vending Machine Provider because they will receive a lot of upgrade order and even order for new machine.
Why the ticket machines don't just accept credit card or mobile payment?
whats stopping them from using qr codes to show the menu and then ordering .
The music is loudly annoying.
They should have set up a grant program a year ahead to update payment machines for those who apply before rolling out. That will give local businessed some relieve and a year to pay for say 50% of update cost. Here in america local towns have set amount of grants to spend on local businesses and infurstructors, i think japan have the same am not sure.
I don't believe in grants for this, but I wouldn't object to government backed loans with a 2 or 3 year repayment period.
One of the reasons governments change notes and coins regularly is to give a little boost to the economy. Think about sales and income tax they get from this.
I'm not saying that the government is going to get rich, but if it adds 10s of millions to the budget for a year or two, it's a nice bonus.
then scrap the ticket machine if upgrading is too much, just have people order over counter anyways
there should be a picture of the American President🗿
It's just unbelievable that after so many years, these have not incorporated card payment in all those machines. I don't think I ever saw a single ramen shop machine that takes card
Japan is mostly cash based for some reason.
To prevent carding crime, maybe.
lol using card not free you know card payments costs more than hiring full time worker for business which is a lot for small businesses meaning they got less money so hire less people so customer suffers due to slower customer service
Y'know...This just made me realise we're also facing the same challenge in the UK today, too. Our last banknote update was in 2016-2020 (New polymer £5, £10 & £20 notes) but because we're a Sovereign nation and have the Head of State on ours, we now have two versions of each note design in circulation - One featuring HLM Elizabeth II, and one featuring HM Charles III. 👑
Unless machines ignore the Sovereign completely (Which might not be OK under British principles, even for technological reasons! 😉) they have to be re-programmed to accept the Charles notes alongside the Elizabeth ones (Both are equally valid/legitimate) and with many I've spoken to saying the new Charles notes are rather hard to recognise as legitimate currency, this must be causing all sorts of headaches! 💷🤯💷
Always keep cash alive
At our vending machine we have digital payment scanner at every vending machine. Just scan and pay the amount. That's it. And every restaurant, shop, there is only scanner. Scan and pay. Now We only pay via phone. I don't know when i used paper currency..
As long as crime is real, cash will always exist. Drug dealers don’t accept bitcoin.
Well, as far as vending machines go, card payment is way better since you don't have to deal with stuff like broken bill acceptors, no change in the machine, vandalism due to the money, etc., but otherwise both card and cash should be options.
@@BizznessBox yes they do lol, well some anyways
yes, cash is freedom. If there is digital money only, the goverments will use it against you. Yoa have adirrerent political opinion, all your payments will be blocked for a week. This will teach you and will "guide" you in the wanted direction.
that one japanese Monopoly dude with the hat
Is time to intro cashless payment.. never thought Malaysia could be highest e-payment user per 1000 people
Feels like this part of the effect of new notes is intentional, just to give an extra incentive to digitalise or risk some potentially missed businesses for half a year or more.
What does it mean by "sending out".. Obviously they aren't giving it away for free. So that means they are just exchanging it for old notes, which should have no impact on the economy since the total amount remains the same.
I wouldn't be surprised if the Japanese government helps out or allows incentives for small businesses.
Looks like ill wait for a while in a trip to japan for the vending machines to get updates on the new banknotes
Imagine the notes had a little QR code on it the vendor could scan and it updated the block chain so the government knew which lawful vendor had it last and where it ended up 😂
Those vending machines also had headache
I'm more interested about how they've used war-time personality to represented in new notes, just shows how Japan don't want to change from pre-1945.
So they issued huge amounts of cash to the public and after that they say use less cash...
logic
これで設備投資できない店舗のキャッシュレスが進むな。万歳
Now just fix the banking system, so that people don't actually have to use cash for daily transactions due to exorbitant fees on card payments, and we'll be chilling.
It's like a new hundred dollar bill, yes 10k yen bill is normal and is not a sign of inflation in japan
Does that mean that Japanese have been using the exact same bills for 20 years? I mean, no reprint and such? If so, Japanese people are truly neat & meticulous in taking care of everything.
Tell me this doesn't have the lustre of the Scheckinotes?
Semoga bersyukur dalam tentang apapun berilah kami cukup tetapi berdoa yang belum bersyukur
A chashless society is such an idiotic idea.
You just need to update the vending machine once in 20 years, I think it's not that a very big trouble. And vending machine owners don't have any choice though but to upgrade their machine.
Why are the bills so large? Like it takes two people to hold one bill up?! Of course this would cause trouble.
"impossible to counterfeit" heard that one before. they'll be fake ones in a few months
Governments like digital-only because it makes it easier for them to tax. And sometimes steal the Bank savings from someone due to a new law or patriotic need.
So as a consumer you shouldn't have 100% of your savings as a digital account. Having a fraction as physical cash and some other goods like a house, car, gold and silver is wise.
I have this many banknotes at my house. True story.
Maybe it's a wakeup call that if they were accepting cards instead all they would need is a software update from time to time.
Same thing happened with the ¥500 coin
It looks bigger
Economic stimulus hits different in Japow!
Japan recently ordered the discontinued use of floppy disks to finally put them into obsolescence. This new currency injection sounds like a lobbied cash grab from the ticket machine makers that forced obsolescence for many business owners, yet they themselves weren’t even prepared to produce enough replacements…
Changing bank notes has an effect on the entire economy. No country is going to do that just to appease machine makers.
Say it ain't so Joe!!! No more floppys?!? 😥
The yen is as bad as the peso used to be. They need to divide the yen by 1000 and dump the useless zeros.
Just use contactless payments and pay the commission why physical cash
Can't be traced, can't be taken away, not paying for those commissions, always works, even offline, even without electricity. Visa/Mastercard are pro censorship.
Just one engineering student needs to build a new to old changing machine thats cheaper than the new ticket machine
Why bother with new designs? Who is counterfeiting Japanese Yen? Just wait a few more years and let business slowly upgrade to system with cashless ability
Korean. I mean both north and south.
Dude, card payments have been around for decades. Japan has been one of the earliest adopters of payment cards. And yet, to this day, outside of major chains, you almost always have to pay in cash for products and services in local businesses. It's not going to be "a few more years", more like a few more decades.
@@NatiiixLPmy country India adopted digital payments in daily life after 2016 with the introduction of UPI . Japan should create something like that where with only mobile number you can transact your money to any account in whole country within few seconds without any charge. But my question is why Japan an innovative country and one of the most developed country back in 90s didn't created such thing until now
@@ShivamSen-co1cs You have no idea how many (old or just idiot) Japanese still insist back to paper work because of BCP and security concern.
Sometimes it takes a big change like this to push people to abandon old tech. Digital payment systems are a mature tech. Even iphones now can accept payment. It won't be a crisis that forces a government to backtrack.@@NatiiixLP
I don't understand why this problem exists.
Mexico is a country with a similar amount of people that is also a VERY cash-based society. The Bank of Mexico, however, updates the design of banknotes every 5 years or so, and yearly introduces new commemorative coins for practically anything (the 100th anniversary of XYZ, the works of ABC author, etc.) without this problem with machines showing up.
Sure, some businesses have to wait in line to be upgraded, but nowhere near to the scale that Japan is facing according to this video. Didn't the central bank give time to manufacturers of scanners and readers to adjust before the new money is circulated? Or better yet, why don't the central bank and manufacturers ally to make the scanners that recognize only certain safety features that can remain the same in all versions of a banknote or coin regardless of design upgrades?
Ticketing machines, where you feed in cash to order specific menu items, in lieu of a cashier or waiter, is the unique thing about Japan's situation. Video says it costs $3,700 on average for a new ticket machine (not sure how much it is to upgrade existing), an expense small business owners are saddled with through no fault of their own.
What is a "ticket machine"?
You order and pay through a machine and it prints a order ticket which you give to the waiter/chef. Eliminates need for anyone from restaurant to handle monetary transactions
@@hb1949 I see. That's what I thought. Thanks.
@@hb1949 How does the new bills bother them then?
@@idyllsend6481 Just like every vending machine, it must recognise and verify the bills being inserted. Obviously, a 10-year-old machine cannot recognise or verify bills that weren't designed and published until recently. So this part needs to be replaced, at the very least.
@@idyllsend6481 the existing ticket machine does not recognized the new bills.
This will work out fine for Japan! I hope their economy thrives from it!! I love Japan!
Its time they make it digital payment now
ummm sooo Australia polymer notes still the best...
The money that exists remains in circulation so idk why anyone feels pressure to “Upgrade” to the newly design currency. At the end of the day ¥10,000 is ¥10,000.
Bills, and even coins, wear out and are replaced all the time with new ones. Eventually all, or almost all, of the bills will be replaced with new ones. The only bills that won't be replaced are the proverbial money under the mattress money that is never spent.
The inconvenience is the point. Why replace the machine when you can buy digital card reader for cashless payment for $100
Iphones and Android phones can be modified to accept card payments. So no hands touching causing babies!
the old ones look way better
Small businesses just mad the public didn’t pay all the costs for the updates to their POS machines, because somehow the act of accepting legal tender isn’t a cost of doing business 🤷🏻💴
Wonder if it's related to their economy dropping recently.
Lol @ all these countries that continue printing unlimited money. There's only one currency with a supply cap. Look into it.
I hope this pushes japan to be more card/digital friendly, too much reliance on cash, but I know they won't they've been stagnating a lot of many areas.
I wonder why an technologically advanced country such as Japan still insists on cash rather than electronical payment. Maybe because Japan has a lot of boomers (born between 1945~ late 1950's) who took part in the liberal student movements during the late 1960's. Those people, now being a senior in their 60's and 70's, seem to have a negative view about the government controlling the monetary flow through digital currency (such as the case in China) and may prefer the usage of cash. These seniors are
important voters for the local politicians, so this could be a reason why Japan still prefers the old-school method 🙄.
Talk about annoyance for business.
Japan today is not like the Japan of the past. In the past, when we or other countries thought about Japan, it was always seen as a modern city with advanced technology. Nowadays, they are the ones who have fallen behind.
0:32 this is alarming ⚠️ 🚨
*_"Even as progress continues towards a cashless society"_*
who's actually complaining that they can't use a bill worth £50 in a venting machine?
Japan still uses A LOT of cash….
To avoid tax 😂
Japan have a big problem with cashless after they have too many national emercency things how be earthquake, tsunami, big fires how happend often at many rual places. The wireless net mostly not work at emergencies and wrire net is easy to cut. Most people not use satellit technology for data and tv services.
It is normally then that they be fear if they not use the new bank notes in the normal business then the old one must be cut out quickly. We should not forget that they use ATM and sell machines near 2 pices every m². It is the highest use of them worldwide! We have just two cigarette seller machines in our German village for around 600 people. 😂
The network cut off during natural disaster actually really reasonable explanation. And Japan seems often stuck by those.What if you needs money during that time.
This partly answers why Japan is so fond of cash, thanks for mentioning it. There must be other factors though, as I don't think it completely adds up. If cashless payments were to be disabled at all shops and machines in an area, people could redirect to places with a human cashier and switch back to cash momentarily. They could also make machines with an emergency mode when wireless is out. And they must also be looking into ways to make the wireless network withstand emergencies, as that's quite important.
At the end of the video, they mention that some vendors were saying they can't afford cashless machines, but nowadays you can just do that with a phone. They could even do it with the customers phone, using payment qr codes, no wireless in the machine. So I think if they wanted to switch to cashless they could, but perhaps it's hard to change everybody's habits.
@@DivergentObserver In Japan a lot of places in the city use ticket vending machines in the restaurant. Basically think of a really old school equivalent to the mcdonalds self-ordering touch screen kiosks. You just click a button for what you want, and it will drop out a little ticket. You don't pay a person at a register. You just hand the ticket that is dispensed to the chef and they get you what you want.
I don't disagree though about the options available. We manage to do it just fine everywhere else in the world. But a lot of older people are scared of change, and may be put off if the system they've used for 15 years changes suddenly. That's why most of these restaurants need to either retrofit their vending machine or get a brand new one.
@@BayuAH
Cash is better
Old style is amazing.
Beautiful Banknotes 💕
So if Japan has a big huge press release for injecting $10 B into their economy, Imagine the press release the U.S.A. should have 😂😂
It seems that Japan's introduction of new banknotes will inconvene "some" people other than Japanese people.
why so desperate ? i do not know LOL🤑🤑🤑
very, very, bad upgrade. First time that I am disappointed with Japanese govt.
They should just make metal coins with chips, and make purchases only available with those metal coins. Or at least make credit card for purchases on vending machines- similar to the ones used for payphone.
An UPI like solution is the only way
Imagine when they discover they can use credit cards. It will blow their minds!
the switch is huge but I’m sure everyone will get use to it in time . Japan is just a super fast pace country .
So fast paced they still heavily use fax machines
"Japan is a super fast pace country"
😂
Oh dear child, if you only knew
Considering japan use these machines for payment and stuff, it surely a problem to introduce new type of money
Unlike majority of undeveloped country, they still use traditional way to count the money
So it's fine to introduce new one, even every 5 year or so 😏
business idea, offer existing businesses a change machine that can accept the new bills, charge the businesses a monthly fee to rent the machines
The new banknotes look like a mix of ancient and modern, similar to Japan itself.
when a bank release new bank note but the truth is they print money to cover a lost economy
So all vending machines will need a new update for the new bills... Japan has tons of vending machines ohh boy that's a lot of work