Japanese Banks are set to launch new cashless payment vehicles

For a variety of reasons, Japan’s acceptance of mobile payments in terms of personal consumption, a worldwide trend of new technologies, is not high enough, far less than China’s rapid growth in the field of mobile payments. In order to improve the convenience of consumers and the production efficiency of enterprises and promote cashless payment, the Japan government will vigorously popularize cashless payment.

On the premise of the Japanese government’s call, Japan’s major companies and banking institutions have also seen mobile payment big cake, is vigorously popularizing mobile payments to Japanese society.




On April 22, Japan’s electronic clearing propulsion agency, made up of major Japanese banks, announced that it would launch a new cashless payment tool, Bank pay, which is expected to start operating officially on the line from October this year, Japanese media reported.

Thousands of financial institutions, including large banks such as Mitsubishi UFJ Bank and local bank credit unions, will adopt the service in the future. Some analysts believe that banks and other financial institutions in the field of cashless payments behind internet companies and other IT enterprises, and now through the introduction of “Bank pay” this new payment tool to fight back.

Users can start the business by downloading the payment tool “Bank pay” on their smartphones, and the affiliate bank account of bank pay can be bound to the tool to complete payments in a QR code way. Japan’s electronic clearing propulsion agency hopes to promote the spread of the app as soon as possible, allowing more stores to use the new payment tool.



Previously, Yokohama Bank, Fukuoka Bank and other local financial institutions United Internet Enterprises jointly launched the payment tool “banks pay”, the future “bank pay” will work with the “banks pay” to expand in-depth cooperation to jointly expand the market.

In addition, “J Coin”, a cashless payment tool launched by mizuho bank and local financial institutions, has been put into operation.




At present, Japan’s more perfect local cashless payment tools are Rakuten, Line and Yahoo and other IT enterprises launched the “Lotte Pay”, “line Pay”, “PayPay” and other applications. In order to compete for the market, the above several companies have to carry out shopping return points. New user subsidies and other activities, into fierce competition. In this case, it remains uncertain how much market share the new payment tool introduced by the banking department, which is a latecomer, will be available.

In the future, the competition in the cashless payment field of Japanese society will become more fierce, and even some payment tools will be eliminated.