Arrow Artboard Created with Sketch. Artboard Created with Sketch. Title Chevron Title Chevron Icon Facebook Icon Linkedin Icon Mail Contact Path Layer Icon Mail Positive Arrow Icon Print Business trends Japanese megabanks team up on mobile payments Interbank QR code standards expected to promote cashless society Japan's megabanks are pushing to adopt a smartphone-based payment system using QR codes.
Nikkei staff writers February 28, 2018 07:48 JST | Japan
TOKYO -- Japan's three megabanks are working together to standardize a smartphone payment system using QR codes, aiming to promote cashless transactions already widespread in China and elsewhere.
Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group will work out specific plans by the end of March to unify QR code specifications across participating banks. The rollout of the payment system is slated for fiscal 2019.
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