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Mobile payment system via blockchain from Mizuho Financial Group

02/25/2019
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The Japanese financial giant Mizuho Financial Group in a few days will launch J-Coin Pay mobile application for making payments. Its uniqueness lies in the fact that transfers will be monitored via blockchain, and calculations are made in J-Coin stablecoin.

Big plans for blockchain and mobile payments

The corporation plans that within a few years it will manage to connect up to 6.5 million users to its system. And payments can be made in more than 300,000 outlets. Mizuho has all the possibilities for that.

Banking Corporation Mizuho Financial Group is in ninth place in the world in terms of market capitalization, and manages assets of more than $ 1.3 trillion. It has 500 branches in Japan and a wide network of offices around the world.

The basis of the new J-Coin Pay payment application is blockchain technology. It is based on J-Coin cryptocurrency, the course of which is rigidly tied to the Japanese yen. In this case, the transaction will be completely free for the end user. Deductions of retail outlets will decrease several times in comparison with the usual methods of payment.

In the J-Coin Pay app, you do not need to pass an identity check. This means that it may also be used by minors. For example, parents will be able to replenish wallets for pocket money through it.

Competition in the market of cryptopayments

The closest competitor to Mizuho is the Mitsubishi UFJ Financial Group. It ranks second in the world in terms of capitalization. And here, too, it was announced plans to launch its own stablecoin.

However, this giant focuses more on the provision of banking services when trading cryptocurrencies. But close to him JPMorgan has already started testing the prototype of cryptocurrency JPM Coin for conducting instant transactions.

The Japanese banking group Mitsubishi UFJ Financial Group owns about 20% of the shares of JPMorgan Chase. Which, in its turn, is a shareholder of a large number of smaller credit institutions.

According to the incoming flow of information, the leaders of the financial industry have changed their skepticism about cryptocurrency to healthy pragmatism. If at first they did not understand the potential of the blockchain, they now began to actively use it to improve the quality of services.

Why Japan has become a leader in the field of cryptocurrency

Although much of the financial news comes from the United States, it was Japan that once again turned out to be the leader in the blockchain field. It was the first of the developed countries to fully legalize cryptocurrencies, and now it is reaping the benefits.

The country has 16 licensed cryptoexchanges, which are managed by a self-regulatory organization under the control of the FSA. More than 100 companies are ready to receive a license and are waiting for a response from the regulator. And the financial industry of the country in a mass order is switching to new technologies. The example of the blockchain mobile payment system from Mizuho is one of the largest, but not the only one.

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