Japan Cashless Payments: Miyazaki Bank
Cashless payments are slowly, but surely making inroads in Japan, with even smaller players getting in on the action. In a recent announcement, Miyazaki Bank, a regional bank with a market capitalization just below USD 500m serving the Miyazaki and Kagoshima prefectures on Kyushu, announced that it would enable QR-code payments starting in February 2019.
Miyazaki Bank is already offering the Miyagin Pay service that allows bank customers to read the barcode on convenience store payment slips using a smartphone application and effect a fee-free payment from their bank account. The list of payees is expanding gradually, with mostly government and municipal agencies supported at this point.
The service uses the “PayB” infrastructure developed by Billing System Corporation, a publicly listed payment services provider. In a twist unique to Japan, the Miyagin Pay service is only available from 7am to midnight on weekdays, and from 8am to 9pm on bank holidays.
Starting February 2019, the service will be enhanced to include QR-code payments, enabling cashless payments in shops without the necessity to install proprietary payment terminals. At the same time, the popular Chinese payment apps WeChat Pay and Alipay will also be supported, a key advantage given the large number of Chinese tourists coming to Japan.
We have previously reported on the state of cashless payments in Japan, the most cash-based society among developed countries:
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