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Mizuho Bank has partnered with payments technology company InComm to bring its bank digital currency platform “J-Coin Pay” to more than 18,000 retail locations in Japan.
Launched on March 01, J-Coin Pay enables customers to make payments, send and receive transfers, and conduct other financial transactions using their mobile phones. Clients can also use the app to move funds between J-Coin Pay accounts and other deposit accounts at their respective banks without zero charges.
Through the partnership, InComm’s network of more than 18,000 retail locations – including pharmacies, supermarkets, home appliance retailers and discount stores – will be able to accept J-Coin Pay.
As per a press release, the payment service is expected to be rolled out at these locations through 2019. InComm said that the implementation will “absorb the differences in the system specifications of each payment service provider and funnel the payments routing seamlessly through the point of sale (POS).”
“With minimal time needed to implement and execute, automatic payments routing will soon make it easier for cashiers to process transactions quickly and simply,” it added.
Previously in June, Mizuho added seven more financial institution partners to the digital currency platform, bringing the total number of member banks to 57.
“J-Coin Pay was launched this year and its adoption rapidly grew among Japanese consumers, so being chosen to be a part of this is a great honor for InComm,” said Takumaro Arai, Vice President and General Manager of InComm Japan. “Through this partnership, we’re not only helping shoppers pay in a modern and frictionless fashion, but also helping Japan achieve its goals towards digitizing payments.”
Although Mizuho touts J-Coin Pay as a digital currency platform, it is important to note here that the payment service has nothing to do with crypto or blockchain. It is rather a QR-code payment system, resembling Alipay and WeChat Pay, Quartz reported.
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