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Mobile Payments

Japan banks cancel peer-to-peer mobile remittance plan

Wednesday 30 January 2019 | 02:03 PM CET

Three Japan-based banking groups have cancelled their plans for a peer-to-peer remittance service linked to mobile phone numbers.

The canceled program by Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group used blockchain technology that underpins cryptocurrencies such as bitcoin. Customers could send and receive money using their phone numbers or email addresses through virtual accounts tied to their deposit accounts. Tests ran during fiscal 2017, with broader trials planned for fiscal 2018.

According to Asia Nikkei, SBI Sumishin Net Bank, Suruga Bank and a Resona Holdingsunit launched their own app in October 2018 to let users send money directly from their bank accounts by using phone numbers or scanning QR codes.

In addition, the banks are currently preparing their own digital currencies, such as MUFG Coin and Mizuho's J-Coin.

More: Link
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