The Ripple Killer, 60 Japanese Banks Create A Digital Payment Platform

In early 2017, Mizuho bank, one of the largest and pro-blockchain bank in Japan, experimented on the tech. Set to disrupt traditional set ups, the bank successfully completed a trade transaction sending documents blockchain from Japan to Australia. It was monumental and 15 months later, the bank together with 60 others are now launching a new payment processing platform, J-Coin. With an ambitious objective of finally waning their customers off cash, these banks are rolling a private digital platform that is independent from any blockchainpublic or private.

The consortium of banks led by Mizuho, a subsidiary of the Mizuho Financial Group and headed by the CEO, Koji Fujiwara will therefore create a digital banking platform as efficiency, expediency and speed kicks in. In a press release, the coin will run off the J-Pay wallet.

Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara), a core subsidiary of Mizuho Financial Group, Inc. (President & CEO: Tatsufumi Sakai), will launch a new bank digital currency platform JCoin Pay in March 2019, in cooperation with approximately 60 other financial institutions.

For customers to efficiently send and receive payments from their smart phones, J-Pay will primarily employ QR-Code. Aside from basic transfer, users can send funds from their J-Pay wallets to their bank accounts all for free, anywhere and anytime. It is clear that the launch of this coin aligns well with the goal of the Japanese government keen on transitioning to a cashless society.

Traditionally, Japan is very cash intensive, lagging behind the likes of Chinawhere most payments are done via AliPay and WeChatand this is part of a larger overhaul aimed at increasing digital payment penetration from 20 percent to at least 40 percent by 2025. Furthermore, the service is timely as the country is preparing for the Tokyo Olympic in 2020 and to avert possible chaos and frustrations, J-Pay wallet which is available for everyone including visitors. The banking consortium liaises with QR code operators of the visitors country of origin allowing for seamless financial transactions including fund transfer from the user smart phone, a feature which is not available in legacy systems.

On a deeper level, it is a strategic move by the Bank of Japan looking for stimulate its economy 30 years after the Real Estate meltdown, the Black Swan of the 1987-90. Its not hard to see why, the country has an aging population and most are not ready to take the digital leap despite the rest of the world rapidly shifting from cash. By saving businesses from the inconveniences of handling cash, there is more wriggling room for improvement which ultimately leads to more production.

The post The Ripple Killer, 60 Japanese Banks Create A Digital Payment Platform appeared first on Ethereum World News.

08.03.2019 / 05:50 39
Japans Mizuho Bank To Launch its Own Stablecoin By March, 2019 Japans Mizuho Bank To Launch its Own
One of Japans Megabank, Mizuho Bank, has plans of launching its own cryptocurrency by March of this year. The digital asset will be pegged to the
Mt. Gox Users, Mizuho Bank Seek Delay in Lawsuit to Await Compensation Outcome Mt. Gox Users, Mizuho Bank Seek Delay
U.S. investors and Japans Mizuho Bank have jointly asked a federal court in California to stay a case in which the financial institution is being
Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules Mt. Gox Victims Must Take Claims to
Since its implosion back in 2014, the Mt. Gox exchange hacks continue to loom large within the cryptocurrency ecosystem. The U.S. District Court for
Japanese Bank Mizuho is Being Sued by Mt Gox Customer Japanese Bank Mizuho is Being Sued by
According to regional reports the Japanese financial institution, Mizuho Bank, is being accused of creating issues for Mt Gox customers who were
Japanese Top Bank Sponsors Blockchain Co-Working Space Established By Omise Japanese Top Bank Sponsors Blockchain
One of the most important banks in Japan, Mizuho, will be sponsoring Neutrino, the first blockchain co-working space in the country. But the
Ethereum Startup Omise Gains Megabank Sponsor for Blockchain Coworking Space Ethereum Startup Omise Gains Megabank
Mizuho, one of Japans three so-called megabanks, will sponsor Neutrino, the countrys first blockchain coworking space established by
Comments (0)
Add a comment
Comment on