The giant Japanese financial company, Mizuho Financial Group, has decided to use digital currencies as part of an effort to introduce online cashless payments and remittances for its clients.
According to reports from the Asian media outlet Nikkei, the idea is that retail shops that accept the token as payment will have to pay lower fee charges than the ones for using credit cards, which would boost the acceptance of the technology. All funds will be stored in digital wallets and sending funds to other customers will be free.
The Asian media outlet has also affirmed that Mizuho was able to bring in 60 regional banks and that they will all help to promote the cashless payments option that the company is going to offer. At the moment, it is reported that they will all offer the services under a common name but it was not established as of this moment.
People will be able to manage their money via a smartphone app and can make all the payments using QR codes. Each token will only cost a single yen per unit and they will be stablecoins, meaning that their price will be pegged to the price of the yen. The coin will be developed as a result of J-Coin, which was previously announced.
The company is one of the largest public banking holdings in Japan. According to its own reports, it has a revenue of over $13 billion USD in 2017.
Another bank, the largest one in Japan, Mitsubishi UFJ Financial Group, has also decided to launch its own token called MUFG Coin this year, meaning that there is a certain trend in Japan of banks launching their own tokens.