On
February 20, Mizuho Bank, one of the largest banks in Japan, announced a plan
to launch a new bank digital currency platform called J-Coin Pay in March 2019
in cooperation with about 60 financial institutions. J-Coin Pay uses QR codes
to provide smartphone-based payment services.
According
to the announcement, the J-Coin Pay service lets users complete all
payment-related processes, including sending, receiving, and paying money, with
one application. Using the application, users can move funds from their deposit
accounts at participating financial institutions, including Mizuho Bank, to their
J-Coin Pay accounts free of charge. The application also allows users to
transfer funds among themselves free of charge. The application seems to allow
users to transfer funds easily using a telephone number and QR codes and to complete
payments on a display.
The
application will be available on iOS and Android from March 1, and users will
be able to register their Mizuho Bank deposit accounts on the same day.
Participating financial institutions include Shinsei Bank, Towa Bank, and Sumitomo
Mitsui Trust Bank (a subsidiary of Sumitomo Mitsui Trust Holdings), and
registration of deposit accounts will start from March 25.
Companies
wishing to use or partner with the application as of February 20 include Welcia
Yakkyoku Co., Ltd., the leading convenience store operator FamilyMart Co.,
Ltd., the major family restaurant chain Skylark Holdings Co., Ltd., and East
Japan Railway Company.
In
its announcement, Mizuho Bank stated: “With the new J-Coin Pay bank digital
currency platform, Mizuho Bank and other participating financial institutions
will work together towards the Japanese government’s goal of achieving a
cashless society.” The bank indicated it is aiming for a society where anyone
can deposit, withdraw, and move funds with anyone at anytime and anywhere.
Japanese
e-commerce giant Rakuten, Inc. also announced a plan to update its Rakuten Pay payment
application in April, and disclosed a plan to establish Rakuten Payment, Inc. to
oversee its cryptocurrency division and payment business, including electronic
money, in April. As increasing attention is given to the possibility that
Rakuten Pay will handle cryptocurrencies, digital payment in Japan is about to
reach a major turning point.
*This article was written by Fisco
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Published at Wed, 27 Feb 2019 07:05:02 +0000
