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Business trends

700 Japan banks rush to debut smartphone payment app in October

Launch moved ahead 6 months as government readies consumer incentives

 About half of Japan's banks are planning to join a nationwide smartphone payment service. (Nikkei montage)

TOKYO -- About half of Japan's 1,400 banks are planning to join a nationwide smartphone payment service that is now slated to start in October.

The launch date has been moved forward by six months to allow consumers to take advantage of a government incentive to go cashless. The incentive is to coincide with the October consumption tax hike, to 10%.

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