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As the new kid in the block, there is always the question of what you have to make you stand out in a block crowded already. And that is the question on everyone’s lips as the Japan-based Mizuho Financial Group joins the many digital currency outlets in Japan.
The company announced on Feb. 21 that it is set to release a Yen-pegged digital currency stablecoin that it has in the works for quite some time. Although new, the digital payment currency – the J-Coin Pay stablecoin– already has a number of big industry players to utilize if it will meet its goals. Having big digital payment platforms like Line Pay and Rakuten makes the competition a whole lot fiercer but the Mizuho team is positive that their platform has what it takes to get there in a couple of years.
From March 1 going forward, J-Coin Pay will be available to customers who wish to make cashless payment. On the topic of what makes it stand out from the crowd, the management gave a few reasons why they feel J-Coin Pay will be an equal – and perhaps even a better – match to current existing payment platforms.
The first distinguishing factor is the fact that J-Coin Pay will cater to people of all ages – even 18 years or less. This is unlike the norm in the cashless payment industry. According to the management, this will help them cater to the needs of a wider audience.
The second reason – or the most important feature – is the fact that the J-Coin Pay platform leverages direct links to users’ bank accounts. This gives them an edge in their fight against other payment platforms. Mizuho Financial Group announced it will be partnering with about 60 financial institutions across the country. Together, Mizuho and its partners will hold an astounding customer base of 56 million.
A third reason is the fact that J-Coin will reduce its charges to the lowest possible amount. Also, the company plans on giving free services to customers who transfer money from their J-Coin wallet to a bank account. This is not the case with competing payment platforms such as Line Pay which charges a fee for transfer.
In addition, the company plan on working with foreign services such as Alipay – the payment service of Alibaba Group Holding.
Compared to banks, J-Coin Pay also exhibits features that make it stand out from the crowd. For starters, this payment platform will be used for both payment and remittances, a feature commercial banks lack and apparently is being utilized noticeably with crypto. Another distinguishing factor is that signing up for J-Coin Pay does not require screening as seen with credit cards. The report has it that stores such as Family Mart, Bic Camera, and even the East Japan Railway are already considering signing on with J-Coin Pay.
The company hopes to reach up to 6.5 million users and 300,000 participating stores in the near future.