A cash register has been set up for payments using Mufg coins at the store. Employees paying with them present the QR code displayed on their smartphones to the store clerk at checkout. Mufg will examine any issues faced by both the users or the merchant.
In addition to making payments at the convenient store, the coins can be used to exchange money between colleagues such as splitting bills, the news outlet conveyed.
Mufg is Japan’s largest financial groups, with total assets of 306 trillion yen (~US$2.76 trillion) as of March 31. One of its subsidiaries, Mufg Bank, is also Japan’s largest bank with offices throughout Japan and in 40 other countries.
Potentially this coin could have large-scale commercial potential, as well serving small-scale retail bank customers. Other than Mufg coin, Mufg is testing another untitled digital currency rewards [program] for employees who reduce their overtime hours and practice a healthy lifestyle.
Japanese daily Mainichi explained that the coin is pegged to the yen, with the price of one Mufg coin kept stable at one yen.
The group detailed that while banknotes and physical coins can be widely used, their “significant toll in terms of cost and time required for the procurement, storage and transport of these instruments is often overlooked.” The Mufg coin has, therefore, been developed as a low-cost cashless finance infrastructure.
What do you think of the plans for the Mufg coin? Let us know in the comments section below.
Images courtesy of Shutterstock and Mufg.
The post Japan’s Largest Bank Experiments Using Own Crypto at Convenience Store appeared first on Bitcoin News.