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Economy

Mizuho's digital currency to take on payment rivals next month

Financial company brings power of 56m accounts across 60 banks to crowded field

Mizuho's J-Coin Pay payment platform will let users put money in their bank accounts without paying a fee.
Mizuho's J-Coin Pay payment platform will let users put money in their bank accounts without paying a fee.

TOKYO -- Japan's Mizuho Financial Group will launch its digital currency service March 1 under plans announced Wednesday, leveraging direct links to users' bank accounts to fight off outside players in the heated market for cashless payments.

The megabank is teaming up with 60 or so fellow financial institutions spanning most of the country. They together host a combined 56 million user accounts, which serve directly as digital wallets on the J-Coin Pay platform.

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