Japanese Banks to Develop Digital Payment Infrastructure in the Country

Three leading Japanese banks — Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc, and Sumitomo Mitsui Financial Group — will launch a study group to explore digital payment infrastructure in the country. 

The local crypto exchange, DeCurret, will serve as the group’s organizer. East Japan Railway and several other non-financial firms are also planning to participate. The group will meet twice a month from June through September 2020. Representatives from the Bank of Japan, the Financial Services Agency, and the Ministry of Finance would attend the meetings as observers. 

According to the report, the Japanese are among the most cash-using population in the world, and the government is trying to reduce this trend and instead promote cashless transactions amid the coronavirus pandemic.  In the midst of the pandemic, people are more inclined towards using digital payment methods to avoid physical human contact.