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Business

Japan megabanks to allow 24-hour mobile money transfer

Peer-to-peer transactions to be cheap and convenient, as in Africa

The logos of Japan's three megabanks -- Mizuho, Mitsubishi UFJ and Sumitomo Mitsui -- adorn the entrance of an ATM service booth in Tokyo.

TOKYO -- Japan's three megabanks are set to start testing a new peer-to-peer money transfer service that uses mobile phone numbers.

The new system is based on blockchain technology. Customers can open virtual accounts tagged to their deposit accounts to send and receive money using their mobile phone numbers or email addresses. The new system will allow money transfers 24 hours a day. Fees will be significantly lower.

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