Subscribe
|
|
|
|
|
|
|
News

MUFG reveals plans for mobile payment service

Friday 6 December 2019 13:07 CET | News

Japan-based bank Mitsubishi UFJ Financial Group has announced its plans to launch a mobile payment service with staffing company Recruit Holdings.

MUFG wants to use the bank's digital currency after regulatory constraints stymied its solo plans. As such, users will convert funds from their bank accounts or elsewhere into the digital currency using a smartphone app. This currency will be used by the service in transactions, which will be handled through QR codes, while money sent via the app can be moved back into an account as cash, allowing for transfers between individuals. 

As per Asia Nikkei, the initiative will be available at companies participating in services operated by Recruit, including restaurant and beauty salon reservation site Hot Pepper and hotel booking site Jalan. Loyalty points could also be earned with each payment users make.


More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: MUFG, digital currency, mobile payments, banks, accounts, transactions , QR codes, transfers
Categories: Payments & Commerce
Companies:
Countries: Japan
This article is part of category

Payments & Commerce

::: more





Industry Events

Free Headlines ::: subscribe now
RSS ::: follow ThePaypers via RSS ::: connect
LinkedIn ::: connect with ThePaypers on LinkedIn ::: connect
Twitter ::: follow ThePaypers on Twitter ::: follow
Facebook ::: like ThePaypers on Facebook ::: like