Interbank Transfer System to Be Available for Mobile Payments

Economy

Tokyo, Sept. 15 (Jiji Press)--Japanese Banks' Payment Clearing Network, or Zengin-Net, said Thursday that it will make its system for interbank money transfers available to operators of mobile payment services.

The move will enable money transfers from smartphone payment apps to bank accounts in early 2024 or later.

The system operated by Zengin-Net, which is under the Japanese Bankers Association, or Zenginkyo, has been only available to banks and other financial institutions until now.

The expansion of eligibility to participate in the Zengin-Net system comes amid the spreading use of payment apps such as PayPay and Rakuten Pay in the country.

Mobile payment service operators will be allowed to apply for access to the system from October, with certain conditions including that they open current accounts at the Bankd of Japan.

[Copyright The Jiji Press, Ltd.]

Jiji Press