Industry map/Finance & Business Services
Cashless Payments industry map
Who earns the money in Cashless Payments, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 27 companies · ¥1.65T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥1.65T
- Companies
- 27
- Avg. salary（parent only）
- ¥7.4M
- Industry weather
- Sunny
YoY +19.8%
Avg. age 38.4
Operating income +66.7%
LY[4689]
Strategy
- Revenue
- ¥442.3B▲30.1%
- Operating income
- ¥68.4B▲105.4%
Margin 15.5%
Whole company: Revenue ¥2.04T · Net income ¥193.7B
Avg. salary ¥9M · 39.0（parent only）
SoftBank[9434]
Financial
- Revenue
- ¥379.3B▲25.2%
- Operating income
- ¥86.3B▲107.1%
Margin 22.7%
Whole company: Revenue ¥7.04T · Net income ¥550.8B
Avg. salary ¥8.7M · 42.0（parent only）
GMO internet group[9449]
Internet infrastructure
- Revenue
- ¥174B
- Operating income
- ¥41.7B
Margin 24.0%
Whole company: Revenue ¥285.3B · Net income ¥16.7B
Avg. salary ¥8.4M · 39.0（parent only）
GMO Payment Gateway[3769]
Payment Processing Business + 2 more
- Revenue
- ¥82.5B▲11.8%
- Operating income
- ¥35.6B▲19.9%
Margin 43.2%
Whole company: Revenue ¥82.5B · Net income ¥21.8B
Avg. salary ¥11M · 37.5（parent only）
- GMO internet group owns 40.7%
GMO Financial Gate[4051]
- Revenue
- ¥17.9B▼4.2%
- Operating income
- ¥2.23B▲45.6%
Margin 12.4%
Avg. salary ¥13.3M · 39.7（parent only）
- GMO Payment Gateway owns 57.0%
Mercari[4385]
JapanBusiness
- Revenue
- ¥149.8B
- Operating income
- ¥34.9B
Margin 23.3%
Whole company: Revenue ¥192.6B · Net income ¥26.1B
Avg. salary ¥11.8M · 36.3（parent only）
Japan Airlines[9201]
Mileage/Finance and Commerce
- Revenue
- ¥148.2B▲12.5%
- Operating income
- —
Whole company: Revenue ¥2.01T · Net income ¥137.6B
Avg. salary ¥10.1M · 40.2（parent only）
East Japan Railway Company[9020]
Other
- Revenue
- ¥109.5B▲6.8%
- Operating income
- ¥30.3B▲32.0%
Margin 27.7%
Whole company: Revenue ¥3.08T · Net income ¥247.8B
Avg. salary ¥8.2M · 39.8（parent only）
Seven Bank[8410]
Credit Card and Electronic Money Buisiness
- Revenue
- ¥30.6B▼5.9%
- Operating income
- -¥592MTurned to loss
Margin -1.9%
Whole company: Revenue ¥220B · Net income ¥13.5B
Avg. salary ¥7.7M · 41.1（parent only）
Densan System Holdings[4072]
collection agency services
- Revenue
- ¥25.1B▲4.6%
- Operating income
- ¥2.68B▲3.8%
Margin 10.7%
Whole company: Revenue ¥68.1B · Net income ¥2.9B
Net Protections Holdings[7383]
- Revenue
- ¥24.6B▲9.6%
- Operating income
- ¥2.85B▲35.4%
Margin 11.6%
Avg. salary ¥11.7M · 38.4（parent only）
Transaction Media Networks[5258]
- Revenue
- ¥13.3B▲7.9%
- Operating income
- ¥642KBack to profit
Margin 0.0%
Avg. salary ¥7.4M · 41.4（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Wellnet · Infcurion · Base · Netstars · Billing System · Paycloud Holdings · Raccoon Holdings · Robot Payment · Global Communication Planning · Satudora Holdings · Digital Plus · GMO Pepabo · iRidge · Solvvy · Temona.
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | LYStrategy | ¥442.3B | 26.9% | 15.5% | +41.9% | — |
| 2 | SoftBankFinancial | ¥379.3B | 23.0% | 22.8% | — | ¥823.3B |
| 3new | GMO internet groupInternet infrastructure | ¥174B | 10.6% | 24.0% | — | ¥43.5B |
| 4new | MercariJapanBusiness | ¥149.8B | 9.1% | 23.3% | — | -¥13.1B |
| 5▼2 | Japan AirlinesMileage/Finance and Commerce | ¥148.2B | 9.0% | — | — | — |
| 6▼2 | East Japan Railway CompanyOther | ¥109.5B | 6.7% | 27.7% | +11.4% | -¥123B |
| 7▼2 | GMO Payment GatewayPayment Processing Business + 2 more | ¥82.5B | 5.0% | 43.2% | +18.6% | ¥50.1B |
| 8▼2 | Seven BankCredit Card and Electronic Money Buisiness | ¥30.6B | 1.9% | -1.9% | — | ¥57.7B |
| 9▼2 | Densan System Holdingscollection agency services | ¥25.1B | 1.5% | 10.7% | +6.3% | ¥3.53B |
| 10▼2 | Net Protections Holdings | ¥24.6B | 1.5% | 11.6% | +7.8% | ¥7.31B |
| 11▼2 | GMO Financial Gate | ¥17.9B | 1.1% | 12.4% | — | ¥375.7M |
| 12▼2 | Transaction Media Networks | ¥13.3B | 0.8% | 0.0% | — | -¥1.73B |
| 13▼2 | Wellnet | ¥10.9B | 0.7% | 13.8% | +5.4% | ¥2.01B |
| 14▼1 | InfcurionPayment Platform Business + 1 more | ¥8.03B | 0.5% | 4.0% | +41.6% | -¥697.2M |
| 15▼3 | BasePAYJP business + 1 more | ¥7.45B | 0.5% | 11.4% | — | ¥3.27B |
| 16▼1 | Netstars | ¥4.79B | 0.3% | 6.1% | +17.0% | ¥2.26B |
| 17▼3 | Billing System | ¥4.55B | 0.3% | 14.2% | +9.7% | ¥4.16B |
| 18▼2 | Paycloud HoldingsCashless service | ¥3.77B | 0.2% | 21.3% | — | ¥1.12B |
| 19▼2 | Raccoon HoldingsFinancial business | ¥2.54B | 0.2% | 28.9% | — | ¥862.3M |
| 20▼1 | Robot PaymentPayment | ¥1.99B | 0.1% | 48.9% | +21.9% | ¥3.78B |
| 21▼3 | Global Communication PlanningPayment service + 1 more | ¥1.84B | 0.1% | -1.0% | — | -¥459.2M |
| 22▼2 | Satudora HoldingsMarketing business | ¥1.59B | 0.1% | 2.8% | — | ¥771M |
| 23▼2 | Digital PlusFintech | ¥852.5M | 0.1% | 37.1% | +81.6% | -¥572.9M |
| 24▼1 | GMO PepaboFinancial support service | ¥355.4M | 0.0% | 0.3% | +13.7% | ¥1.27B |
| 25▼3 | iRidgeFintech | ¥91.8M | 0.0% | -30.1% | -20.4% | ¥221.4M |
| 26▼2 | SolvvyFinTech business | ¥30.8M | 0.0% | -86.1% | — | ¥1.72B |
| 27new | Temona.Fintech Business | ¥7.6M | 0.0% | -433.9% | — | ¥178.5M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- Ordinary expenses
- SG&A
- Other
- Operating profit
- Ordinary profit
- GMO Payment Gateway332938
- Robot Payment96724
- GMO internet group403821
- Raccoon Holdings196021
- LY266017
- SoftBank523415
- Mercari285814
- Seven Bank8614
- Wellnet77914
- Billing System642214
- East Japan Railway Company8713
- GMO Financial Gate632413
- Net Protections Holdings8812
- Japan Airlines9010
- Base52408
- GMO Pepabo46468
- Paycloud Holdings61327
- Netstars2371
- Densan System Holdings8411
- Infcurion5243
- Satudora Holdings7424
- iRidge6929
- Transaction Media Networks7129
- Digital Plus1986
- Global Communication Planning6836loss ¥4
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- GMO internet groupIn industry
- SubsidiaryGMO Pepabo58.8%
- AffiliateGMO Payment Gateway40.7%
- GMO Payment GatewayIn industry
- SubsidiaryGMO Financial Gate57.0%
- Transaction Media NetworksIn industry
- AffiliateGlobal Communication Planning24.8%
- 伊藤忠商事株式会社Outside
- AffiliateSeven Bank20.4%
- 三菱商事株式会社Outside
- StakeTransaction Media Networks16.7%
- リコーリース株式会社Outside
- StakeNet Protections Holdings10.9%
- 株式会社Macbee PlanetOutside
- StakeDigital Plus8.5%
- 株式会社十六フィナンシャルグループOutside
- StakeDensan System Holdings8.2%
- ディップ株式会社Outside
- StakeiRidge4.6%
- 株式会社大垣共立銀行（常任代理人 ㈱日本カストディ銀行）Outside
- StakeDensan System Holdings3.9%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Cashless Payments (by revenue)
All 27 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- LY¥442.3B · 15.5%
- SoftBank¥379.3B · 22.8%
- Mercari¥180.9B · 28.4%
- GMO internet group¥174B · 24.0%
- Japan Airlines¥148.2B
- East Japan Railway Company¥109.5B · 27.7%
- GMO Payment Gateway¥82.5B · 43.2%
- Seven Bank¥30.6B · -1.9%
- Densan System Holdings¥25.1B · 10.7%
- Net Protections Holdings¥24.6B · 11.6%
- GMO Financial Gate¥17.9B · 12.4%
- Transaction Media Networks¥13.3B · 0.0%
- Wellnet¥10.1B · 14.0%
- Infcurion¥8.03B · 4.0%
- Base¥7.45B · 11.4%
- Netstars¥4.79B · 6.1%
- Billing System¥4.55B · 14.2%
- Paycloud Holdings¥3.77B · 21.3%
- Raccoon Holdings¥2.67B · 31.1%
- Global Communication Planning¥2.25B · 4.8%
- Robot Payment¥1.99B · 48.9%
- Satudora Holdings¥1.74B · -0.7%
- Digital Plus¥852.5M · 37.1%
- GMO Pepabo¥355.4M · 0.3%
- iRidge¥91.8M · -30.1%
- Solvvy¥31.9M · 34.2%
- Temona.¥7.6M · -433.9%
Revenue · Op. margin
Related industries
- Major Banks
- Regional Banks
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- Credit Cards & Consumer Credit
- Consumer Finance
- Leasing
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- Investment Funds
- Venture Capital
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- HR & Staffing
- Business Process Outsourcing
- M&A Advisory
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