Japanese banks unite on QR code payment service

Megabanks and cooperatives join hands to regain ground lost to nonbank rivals

20181122 QR code

Japanese banks are planning a unified smartphone system to compete against Line Pay and other newcomers to the payments field.

JUN WATANABE, Nikkei staff writer

TOKYO -- Banks and regional financial institutions across Japan expect to come out with a unified smartphone payment service, perhaps in April 2020, Nikkei has learned.

The envisioned service will allow savings account holders to pay merchants by showing QR codes that will appear on their smartphones. Payment amounts will then be debited from the buyer's bank account.

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