Mizuho Bank, the integrated retail and corporate banking unit of Mizuho Financial Group, has partnered with payments technology firm InComm to bring its J-Coin Pay digital currency platform to more than 18,000 retail locations in Japan.
The J-Coin Pay platform, which was launched in March 2019, was created by Mizuho with the support of over 50 financial institutions
The platform allows customers to make payments, send and receive transfers, and carry out other financial transactions using their mobile phones.
Customers can also use the smartphone app to transfer funds between J-Coin Pay accounts and other deposit accounts at their respective banks with zero charges.
The partnership will see InComm’s network of pharmacies, supermarkets, home appliance retailers and discount stores accept J-Coin Pay over the course of the next few months.
InComm said that the implementation will absorb the differences in the system specifications of each payment service provider and funnel the payments routing via the point of sale.
InComm Japan vice president and general manager Takumaro Arai said: “Through this partnership, we’re not only helping shoppers pay in a modern and frictionless fashion, but also helping Japan achieve its goals towards digitizing payments.”
The Japanese government is planning to increase the volume of cashless payments to 40% by 2025.
InComm is playing a key role in the government’s move, helping connect payment platforms with its retail network. The company is also extending its payments technology product portfolio in Japan.
Earlier this month, Mizuho Bank expanded its alliance with German payments firm Wirecard. Both the firms have been working together since last year, with the bank already using Wirecard’s acquiring and issuing services for its corporate clients in Asia.