Mizuho to Start Smartphone Payment Service with 56 Other Banks

Economy

Tokyo, Feb. 20 (Jiji Press)--Mizuho Bank said Wednesday it will launch on March 1 a smartphone-based settlement service in collaboration with 56 other banks in Japan including more than half of regional banks.

Users will be able to transfer money from their deposit accounts to a dedicated smartphone app called J-Coin Pay, and then make payments using quick response, or QR, codes, the core banking arm of Mizuho Financial Group Inc. <8411> said.

The partner banks include Sumitomo Mitsui Trust Bank and 53 of 104 regional banks across the country, such as 77 Bank, Hokkaido Bank, Shikoku Bank, and Chikuho Bank.

Currently, 22 firms in the retail, food and service industries are planning to accept payments with the app or tie-ups in the cashless settlement service.

After the J-Coin Pay launch, Mizuho Bank aims to expand the network of affiliated firms and beef up settlement services for visitors to Japan through tie-ups with foreign QR business operators.

[Copyright The Jiji Press, Ltd.]

Jiji Press