It is an irony that Japan, one of the world’s most advanced country, is still dependent on cash when it comes to different transactions.
In the move to widen payment options and connect economic blocks, Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc. is finally launching the digital currency ‘Coin.’
According to an article published by Japan Times, the financial group reveals that Coin can help businesses in a way that retail stores can provide cashless payments to their customers. With a mobile app, the tap-and-go scheme can be applied to more than millions of retailers in Japan.
Unlike other Asian countries with advanced digital currency platform like China, Japan is yet to discover this whole new set up which appears to be more convenient for all types of people, including those who are paying using credit cards.
Meanwhile, Mitsubishi Financial Group President Mike Kanetsugu said that Coin will be fully operational before 2019 ends.
The point of Coin is to help Japanese people manage their assets in one place and secure transactions made. Using a mobile app, a user can easily review or check transactions and transfer assets.
While credit cards are also common in Japan, some stores, especially pop-up shops don’t allow this and stick to cash payment basis. With Coin, retailers can easily accept payments via the transfer of assets and not get a hard time giving loose change to customers. Everything is simple and not to mention, secure for both the seller and the consumer.
The Coin will be integrated with MUFJ’s new mobile application, which will allow users to manage cards in one place. Under this application, people can also get access to a reward system as well as other financial services. It is expected to be released in Japan by the end of June 2019.