Japan Promotes Cashless Payments Through J-Coin Pay

Japan remains to be at the forefront of everything technological and innovative. In its desire to keep up with the times, the country is slated to release a new digital currency platform named J-Coin Pay. This intended platform works with 60 of the most reputable financial institutions in the country. Alongside the Japanese Yen, the J-Coin Pay aims to provide easy and accessible payments to consumers and retailers nationwide.

What the Project is All About

The new project is considered to be an electronic form of currency which aims to pay for goods and services within the country. This mode of payment will be conducted through the use of smartphones. The amount will be pegged at 1:1. As a result, this payment system is deemed more stable compared to its bitcoin and other electronic currencies available on the market, reports Alex Rolfe of Payments Cards & Mobile Payments Industry Intelligence.

Apart from performing payment transactions, the project also aims to allow users to make money transfers and receive transfers for free.

A Brief History

J-Coin Pay was initially announced in December 2017, reports Siamak Masnavi of Crypto Globe. Mizuho Financial Group is currently at the helm of the project, with Japan Post Bank as the company’s main partner.

The project is slated to launch on March 1, 2019. This initiative is part of Japan’s advocacy to further invite customers and citizens of the country to take part in using cashless methods of payment by 2025. The new app will also be made available to foreigners visiting Japan.