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.

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Keywords: MUFG, digital currency, mobile payments, banks, accounts, transactions , QR codes, transfers
Categories: Payments & Commerce
Countries: Japan
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