TOKYO -- Japanese banks hope that integrating mobile payments like Alipay and Apple Pay with other cashless methods will help them regain ground in the market and promote such options in a country where cash is still king.
Sumitomo Mitsui Financial Group is developing a single terminal to process a variety of cashless payments, such as credit cards, electronic money and smartphones. It is consulting with Tokyo-based GMO Payment Gateway, a payment processor for online sales, about the system design and project costs. The group aims to roll out the service around 2019.
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