J Coin Pay has taken Japan closer to the aim of creating a cash-less ecosystem. J Coin Pay is a digital wallet application that lets the users scan a QR code and payment payments to anyone across the country. However, in spite of the crypto related name, the J Coin Pay has nothing to do with cryptocurrency.
Japan’s J Coin Pay:
The J Coin Pay digital wallet has been developed by the famous Mizuho Bank of Japan and shall be available for the citizens of Japan from the 1st of March this year. The wallet application has already partnered with sixty banks across the nation and shall be used to send, receive or pay to anyone in Japan. This would be a step forward in making Japan a cash-less country.
The J Coin Pay will allow the user to add funds to the wallet through their bank accounts to further pay or send it to anyone they wish to. The transfer would take just seconds by adding the receiver’s phone number or scanning the QR code.
No Cryptocurrency or Blockchain involved:
It’s important to note that J Coin is not a cryptocurrency and the wallet does not involve the use of blockchain technology. It will be a normal digital wallet application for mobile phones just as the AliPay & WeChat in China and Paytm in India.
The updated cryptocurrency regulation in Japan has inspired financial institutions to adopt a more standard outlook rather than going out for blockchain technology. The Mizuho bank has entered the digital wallet industry at the best time before any international competitor could. Currently, Japan has the highest Cash to GDP ratio (around 20%) in the world amongst the major economies.
Will the J Coin Pay really make Japan a cash-less society? Would it be better if it was blockchain based? What are your thoughts on the same? Tell us in the comments section below.