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Big Japan banks to cut online transfer fees in October

Drive to win back market share follows reduction in interbank charges

Japan megabanks will cut online transfer fees as soon as in October as they try to claw back market share from fintech companies.

TOKYO -- Japan's three megabanks will lower internet banking fees as soon as in October, as competition with fintech startups heats up, Nikkei has learned.

The country's major banks plan to cut their internet banking fees to encourage individuals and businesses to transfer money online. In fiscal 2022, the banks also plan to introduce a system that will allow users to send money at a discount via a smartphone app.

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