This report does not constitute a rating action. TOKYO (S&P Global Ratings) Nov. 4, 2026--Growing and varying transactions since the pandemic make credit cards a major asset for Japanese asset-backed securities. That's according to a report S&P Global Ratings published today titled,"A Primer On Japanese Credit Card ABS ."Key findings in the report included: Japan's cashless payment market is growing rapidly and diversifying, with credit cards at its core. Credit card transaction volume was approximately ¥112 trillion in 2025, increasing about 10% monthly on a year-over-year basis. Credit card receivables are a major underlying asset in Japanese asset-backed securities (ABS), typically featuring default traps, seller's interests, and revolving periods.
