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Mitsubishi UFJ Financial, 2 other Japanese banks partner on mobile payments

Japanese megabanks are collaborating to standardize a mobile payment system using quick response, or QR, codes in a bid to promote cashless transactions in the country, The Nikkei reported Feb. 28.

Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. will prepare specific plans by the end of March to consolidate QR code specifications across the participants, with the cost of the payment system expected to reach billions of yen. The proposed payment system is expected to be launched in fiscal 2019.

The three megabanks are also considering setting up a company to supervise the payment system. The banks will also invite other large and smaller regional banks to join the initiative.