Japanese Banking Group Mizuho To Roll Out Crypto Platform “J-Coin Pay” Next Month

Announcements, News | February 25, 2019 By:

Japanese banking group Mizuho will be rolling out its new cryptocurrency platform next month with the support of 60 regional financial institutions.

Called J-Coin Pay, the new crypto platform employs QR codes to provide smartphone-based payment services. It will allow customers to make payments, send and receive transfers, and perform other financial transactions all on their smartphones. The smartphone app will allow users to move funds between their J-Coin Pay accounts and their deposit accounts at their financial institutions for free, anytime and anywhere.

“With the new bank digital currency platform J-Coin Pay, Mizuho Bank and other participating financial institutions will work together towards the Japanese government’s goal of achieving a cashless society,” Mizuho said. “The J-Coin Pay app will launch on iOS and Android on March 1. Customers will be able to register their Mizuho Bank deposit accounts the same day and their deposit accounts at certain participating financial institutions from March 25. Other participating financial institutions will be added gradually thereafter.”

In order to have J-Coin Pay make further positive contributions to society, Mizuho said they will expand the J-Coin Pay affiliated store network and strengthen partnerships, enhance payment services for non-Japanese customers visiting Japan through partnerships with QR code operators outside Japan, and provide J-Coin Pay for transfers between corporate clients and individual customers, such as expense accounting and salary payment.

“Our partnerships with UnionPay and Alipay will be our starting point for expanding our network of global partners, with a focus on Asia,” the bank said.