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Japan’s 3 megabank ‘Field Trial’ for P2P money transfer on blockchain

Japan’s 3 megabank ‘Field Trial’ for P2P money transfer on blockchain

Fijitsu Japanese IT giant to be held a field trial of person-to-person i.e., P2P money transfer between individuals from Japan’s three ‘megabank’.

In terms of likes, Japan is lagging behind South Korea and China in digital payments. Comparatively, with 50% of china and Korean society, 19% of Japanese has gone cashless. Besides, this difference the Japanese government establishes a FinTech growth approach. It aims to double the adoption rate of digital payments to 40%.

However, cash money-transfer trail between all three ‘megabanks’ of Japan is to provide a boost for that inventiveness.

Yesterday, Fijitsu a Japanese technology firm declared that it is working with Mizuho, Sumitomo Mitsu and Mitsubishi UFJ Financial (MUFG).

Presently, Fujitsu is developing a cloud-based blockchain platform. It enables money transfers between individuals on the platform that jointly in use by the 3 banks. Additionally, the firm is also working on the mobile app that allows to send and receive money and also engages in deposits and withdrawals.

Also Read: MUFG CEO Nobuyuki Hirano on Dimon Remarks

Fujitsu explains,

“Through this field trial, Fujitsu will work to develop a service platform that is highly convenient for users in an increasingly monetarily diverse, cashless society… Against this backdrop, Fujitsu will commence field trials with three major Japanese banks that possess broad customer bases to evaluate the creation of new services in the field of person-to-person money transfers”.

Accordingly, by this year December, Fujitsu is planning to finish developing blockchain platform. Before, the real-world field trial from January to March 2018.

Japan’s largest IT firm, Fujitsu in a partnership with Mizuho, has seen operational success in settlement of securities transactions.

Read Next: China and Japan are propelling cryptocurrencies to greater success

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