Stablecoin Payment App ‘J-Coin Pay’ Available March 1st in Japan
Last week, Japan-based Mizuho Bank announced an official launch date of March 1st 2019 for the J-Coin Pay smartphone payment service. The application will be supported by a consortium of more than 60 financial institutions and will feature its own stablecoin, “J-Coin”.
Details of Mizuho’s J-Coin Pay App Explained
Mizuho Bank, a core subsidiary of Mizuho Financial Group, is set to release ‘J-Coin Pay’ on March 1st.
The smartphone payment service will be available for both iOS and Android users at the time of launch.
The app integrates blockchain-based stablecoins with a service allowing users to send and receive funds, pay with a smartphone, or make deposits and withdrawals to/from the bank accounts of participating financial institutions.
As of now, the service is supported by more than 60 financial institutions in Japan. The service’s motto is “Anytime · Anywhere · Free”.
How Stablecoins Help with Japan’s Push for a Cashless Society
By 2025, the Government of Japan aims to feature a cashless ratio of 40%, according to the Ministry of Economy, Trade and Industry (MEIT).
Cashless payments can support many of Japan’s regional revitalization programs in rural areas. Following its motto, the J-Coin Pay app is designed to suit those not just in urban cities, but in rural areas as well.
Mizuho will also promote smartphone use among the elderly. Foreign visitors will likewise be eligible to use the app thanks to overseas QR operators. Users will be able to transfer funds to stores for the payment of goods, but transfers will also be available between individuals.
The only requirement for use of the smartphone application is a savings account through one of the many banks supporting the J-Coin Pay service.
Some cryptocurrency industry experts have predicted a future of government issued stablecoins.
While stablecoins are on the rise, they make-up just one facet of a larger security token movement.
Financial assets are becoming increasingly tokenized, covering a wide array of traditionally illiquid asset classes. These include real estate, fine art, REITs, and prospectively even professional sports team ownership.
What do you think of Mizuho’s J-Coin Pay for payments and transfers via smartphone application? Can stablecoins disrupt the mobile payment industry? We want to know what you think in the comments section below.
Image courtesy of Nikkei Asian Review.
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