The giant Japanese financial company, Mizuho Financial Group, has decided to use digital currencies as part of an effort to introduce cashless online payments and remittances for its customers.
According to Nikkei, the Asian news agency, the idea is that retail stores that accept the token as payment will have to pay fees lower than those for the use of credit cards, which would increase the acceptance of technology. All funds will be stored in digital portfolios and the sending of funds to other customers will be free.
The Asian news agency also stated this Mizuho has been able to involve 60 regional banks and that everyone will help promote the cashless payment option that the company will offer. At the moment, it has been reported that everyone will offer services under a common name but has not been established at this time.
People will be able to manage their money via a smartphone app and can make all payments using QR codes. Each token will only cost a single yen per unit and will be stablecoins, which means that their price will be pegged to the price of the yen. The currency will be developed as a result of J-Coin, which had previously been announced.
The company is one of the largest public banking holding companies in Japan. According to its own reports, it has a turnover of over $ 13 billion USD in 2017.
Another bank, the largest in Japan, Mitsubishi UFJ Financial Group, has also decided to launch its own token called MUFG Coin this year, which means that in Japan there is a certain tendency for banks to launch their own tokens.