Japan’s 3 Megabanks Unite on a Blockchain for P2P Money Transfer ‘Field Trial’
Japanese IT giant Fujitsu will conduct a joint field trial of person-to-person money transfers between individuals from Japan’s three ‘megabanks’.
Japan is lagging behind the likes of China and South Korea in digital payments – a measly 19% of Japanese society has gone cashless, compared to over 50% of in both China and Korea. Such is the disparity that the Japanese government, this year, established a FinTech growth strategy that aims to double the adoption rate of digital payments to 40% over the next decade.
A new real-world cashless money-transfer trial between all three of Japan’s so-called ‘megabanks’ is certain to provide a boost for that initiative.
In an announcement yesterday, Japanese technology firm Fujitsu revealed it is working with Mizuho, Sumitomo Mitsui and Mitsubishi UFJ Financial (MUFG- Japan’s largest bank), to conduct a joint field trial of a person-to-person money transfer service powered by blockchain technology.
Fujitsu is currently developing a cloud-based blockchain platform that will enable money transfers between individuals on a platform that will jointly be used by the three banks. The firm is also working on a smartphone application where users will be able to send and receive money as well as engage in deposits and withdrawals. Both solutions will plug in to the individual’s actual bank account with the three banks.