Mizuho Bank, Ltd., a core subsidiary of Mizuho Financial Group, Inc., announced earlier this week it is set to launch a new bank digital currency platform, J-Coin Pay, in cooperation with approximately 60 other financial institutions.
According to Mizuho Bank, J-Coin Pay employs QR codes1 to provide smartphone-based payment services. The platform will allow customers to make payments, send and receive transfers, and perform other financial transactions all on their smartphones.
“Customers will also be able to use the smartphone app to move funds between their J-Coin Pay accounts and their deposit accounts at their financial institutions for free, anytime and anywhere.”
The J-Coin Pay app will launch on iOS and Android on March 1st. 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 25th. Other participating financial institutions will be added gradually thereafter. Mizuho Bank added:
“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.”