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Business trends

Japanese megabanks team up on mobile payments

Interbank QR code standards expected to promote cashless society

Japan's megabanks are pushing to adopt a smartphone-based payment system using QR codes.

TOKYO -- Japan's three megabanks are working together to standardize a smartphone payment system using QR codes, aiming to promote cashless transactions already widespread in China and elsewhere.

Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group will work out specific plans by the end of March to unify QR code specifications across participating banks. The rollout of the payment system is slated for fiscal 2019.

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