nikkei

Japan’s Cashless Payment Players Burn Cash to Draw Customers

TOKYO — Operators of cashless payment systems are struggling to expand in Japan, urging companies like SoftBank’s affiliate QR payment service PayPay to invest in promotional campaigns in a bid to increase customers. PayPay launched its second campaign to give out 10 billion yen (91 million) to its customers this month.

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Philippine E-payment Apps Bank on Alibaba and Tencent for Growth

MANILA — In early December, employees of Philippine financial technology startup Voyager Innovations gathered for a town hall meeting to hear from the company’s new foreign owners — including China’s Tencent Holdings, which has ambitious plans for the Southeast Asian market. “Their main message was: You guys have a great road map.

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Mizuho to Launch Digital Currency to Promote Cashless Payments in March

TOKYO — Japan’s Mizuho Financial Group plans to introduce a proprietary digital currency that can be used for shopping and remitted at no cost, starting next March. Under the plan, retail shops using the currency will be charged fees significantly lower than for credit card services.

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East Asia’s Reigning Chat Apps Zero in on Home Turf

SEOUL/TOKYO/GUANGZHOU — Japan, China and South Korea’s dominant chat app operators are leveraging their huge domestic user bases to dive into fields like finance and mobility, finding overseas growth blocked by American social media titans.

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Banks Embrace Blockchain to Remain Relevant

Global banks such as HSBC and Mitsubishi UFJ Financial Group along with local players like Japan’s Resona Holding sand Bank of Ayudhya in Thailand are embracing blockchain technology to offer lower-cost services as financial technology companies threaten their dominance.

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Alibaba Leads China’s Drive to Secure New Blockchain Technologies

Alibaba Group Holding has filed more than 10 per cent of the world’s patent applications for blockchain in a sign of China’s ambitions to dominate the next generation technology in uses beyond cryptocurrencies. China filed more patent applications than the U.S.

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Alipay Partners With Yahoo Japan to Expand Mobile Payments Reach

Ant Financial Services Group and Yahoo Japan have formed a partnership, hoping to grab a slice of the mobile payments business in Japan, the two companies said Wednesday.

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Cashless Payments Push MUFG Bank to Shed 20% of ATMs

MUFG Bank looks to shrink its Japanese ATM network by 20% through fiscal 2023 as online sales and cashless payments reduce the need for personal banking services such as cash withdrawals.The Mitsubishi UFJ Financial Group unit operates 8,141 ATMs nationwide, and intends to cut this number to around 6,700.

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Japanese Megabanks Team Up on Mobile Payments

Japan’s three megabanks are working together to standardize a smartphone payment system using QR codes, aiming to promote cashless transactions already widespread in China and elsewhere. Mitsubishi UF

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