Eight news stories.
• Should Mizuho Financial Group be in the NFCW Expo? Is this your organisation? Find out how to get your NFCW Expo showcase.
• Should Mizuho Financial Group be in the NFCW Expo? Is this your organisation? Find out how to get your NFCW Expo showcase.
A consortium of Japan-based financial services and technology providers is to develop a ‘metaverse economic zone’ where consumers will be able to create a digital twin or ‘auto learning avatar’, access digital experiences and authorise payments to merchants and service providers with a digital authentication credential or ‘multi magic passport’ (MMP)... More
Three of Japan’s largest banking groups have signed up to participate in a study group that aims to build a “digital settlement infrastructure using valuable digital currencies”... More
UPDATED J-Coin Pay, a digital currency-based payments service that will support both P2P payments and enable consumers to make QR mobile payments in stores, will go live in Japan on 1 March, developer Mizuho Financial Group has announced... More
Mizuho to launch digital currency to promote cashless payments in March — Nikkei Asian Review — “Japan’s Mizuho Financial Group plans to introduce a proprietary digital currency that can be used for shopping and remitted at no cost… To make use of the currency, users will download a dedicated app on their smartphone. Payments will be made using QR codes… Regional banks will be able to provide the same service under the same, yet-to-be-named brand to their customers.”
Japan’s megabanks aim to introduce unified smartphone payment system — The Mainichi — “MHFG announced that it will soon embark on a verification test of smartphone payments with Toho Bank, headquartered in Fukushima Prefecture, using the barcodes. It is thought that the results of the test will be used to create uniform standards for the two-dimensional barcodes that are currently being mulled by the three banking groups.”
Japanese megabanks team up on mobile payments — Nikkei Asian Review — “Japan’s three megabanks are working together to standardize a smartphone payment system using QR codes… The three banks are also looking at establishing a jointly financed company to oversee the system. Other large banks and smaller regional banks will be invited to join.”
Fujitsu to conduct blockchain field trial of money transfer service with three major Japanese banks — Fujitsu — “Fujitsu will develop a cloud-based blockchain platform for money transfers between individuals that can be jointly used by these three major banks, as well as a smartphone application that allows users to easily handle the different steps for sending money and for making deposits and withdrawals.”
Japan’s big banks plan digital currency launch — Financial Times — “A consortium of banks, led by Mizuho Financial Group and Japan Post Bank, has won support from the country’s central bank and financial regulator to launch the J Coin, an electronic currency to pay for goods and transfer money using smartphones. The J Coin would be convertible into yen on a one-to-one basis, operating via a smartphone app and using QR codes to be scanned in stores.”