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Finance

MUFG digital currency finds second life as mobile payment

In venture with Recruit, Japan's largest bank looks outside heavily regulated industry

MUFG launched its digital currency in 2017, but strict banking rules held back efforts to promote its use.   © Reuters

TOKYO -- Mitsubishi UFJ Financial Group, Japan's largest bank, plans to launch a mobile payment service with staffing company Recruit Holdings using the bank's digital currency after regulatory constraints stymied its solo plans.

Users will convert funds from their bank accounts or elsewhere into the digital currency using a smartphone app. The service will use this currency in transactions, which will be handled through QR codes. Money sent via the app can be moved back into an account as cash, allowing for transfers between individuals.

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