TOKYO -- Japan's three largest banking groups have scrapped plans for a peer-to-peer remittance service linked to mobile phone numbers, deeming the project redundant as each develops its own digital services.
The canceled program by Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group used the blockchain technology that underpins such cryptocurrencies as bitcoin. Customers could send and receive money using their phone numbers or email addresses through virtual accounts tied to their deposit accounts. Tests ran during fiscal 2017, with broader trials planned for fiscal 2018.
