TOKYO -- 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 UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group will work out specific plans by the end of March to unify QR code specifications across participating banks. The rollout of the payment system is slated for fiscal 2019.
