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Japanese financial giant Mizuho Financial Group has revealed its plans on launching its digital currency service on March 1, leveraging direct links to users’ bank accounts to gain the upper hand in the increasingly competitive market for cashless payments, Nikkei Asian Review reports.
Read more: Japan's Mizuho Financial Group to launch digital currency
The bank is reportedly teaming up with around 60 other financial institutions across Japan, combining 56 million user accounts which will serve as digital wallets on the J-Coin project launched last year.
Using Mizuho’s platform will be similar to competitors like chat app provider Line and e-shopping company Rakuten. The shopper will scan a QR code at a checkout and be charged through the J-Coin app with a unit of the currency fixed at a value of 1 yen. The user is able to transfer money from a J-Coin wallet to a bank account free of charge.
There are several stores considering accepting Mizuho’s platform. Convenience store FamilyMart, for example, and electronics retailer Bic Camera and East Japan Railway are also weighing their options. Within a few years, Mizuho would like to have over 300,000 stores participating and at least 6.5 million users.
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