Three major banking groups of Japan refused joint project to provide peer-to-peer mobile payments on the basis of the blockchain in favor of developing their own cryptocurrency.

Nikkei Asian Review reports that Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group began implementing a blockchain project in 2017. In the framework of testing customers can send and receive money using phone numbers or email addresses, using a virtual account tied to the Deposit. More extensive tests were planned for the 2018 financial year.

However, megabanks have found that the market of digital mobile payments in the country is getting crowded. In addition to the numerous services on Line and PayPay linked to telephone lines, such a decision, for example, launched jointly by SBI Sumishin Net Bank, Suruga Bank, and the division of Resona Holdings.

Doubts about the feasibility of the partnership project arose from the megabanks because of developing their own cryptocurrency, the functionality of which overlaps with the joint payment on blockchain solution. In particular, Mitsubishi UFJ Financial Group MUFG is developing stablon Coin, and Mizuho is preparing to launch a token J-Coin.