4 Japan Banks to Start Talks on Cutting Fees

Economy

Tokyo, Aug. 5 (Jiji Press)--Four major Japanese banks plan to start talks as early as this month to lower fees on remittances and payments in small amounts, informed sources said Wednesday.

MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank and Resona Bank will discuss creating a new system focusing on frequent and small-amount payments, the sources said.

The move comes at a time when regulators see fees on services between banks in Japan high.

The four banks hope that the new system will help promote cashless payments with the participation of regional banks and nonbank financial institutions.

[Copyright The Jiji Press, Ltd.]

Jiji Press