Japanese banks to begin QR mobile payments pilot

Japanese banking giants Mitsubishi UFJ Financial Group Inc. (MUFG), Sumitomo Mitsui Financial Group Inc. (SMFG), and Mizuho Financial Group Inc. (MHFG) are collaborating on smartphone payment and remittance services that make use of two-dimensional barcodes, it has emerged.

On March 15, MHFG announced that it will soon embark on a verification test of smartphone payments with Toho Bank, headquartered in Fukushima Prefecture, using the barcodes.

It is thought that the results of the test will be used to create uniform standards for the two-dimensional barcodes that are currently being mulled by the three banking groups -- in what can be interpreted as an attempt by the banking sector to challenge the IT industry's grip on smartphone-based payments.