Abe Wants Cut in Interbank Fees to Promote Cashless Payment

Politics

Tokyo, June 16 (Jiji Press)--Japanese Prime Minister Shinzo Abe said Tuesday that the government will aim for a cut in interbank money transfer fees, in a bid to promote cashless payment in the country.

The interbank fees, currently decided through negotiations between banks, have not fallen for over 40 years, becoming a stumbling block to the widespread use of cashless payment methods.

The government is eyeing a new system to allow the nationwide interbank clearance system's operator to set the fees.

"We'll aim for the fees to fall to reasonable levels," Abe said at a meeting of the government's Council on Investments for the Future on the day.

The government plans to hold discussions on the issue with the participation of people outside the banking industry, while working to increase transparency in the interbank fee mechanism.

[Copyright The Jiji Press, Ltd.]

Jiji Press