To reduce the hassle of payment and contact between customers in stores, the Japanese Ministry of Internal Affairs and Communication has introduced a cashless payment system that uses a JPQR code, unifying a large number of QR codes, and it is compatible with dozens of independent systems.
The ministry said it would begin to accept applications from businesses for the system from June 22. However, the list of JPQR scheduled payment services as published by the ministry on May 5 confirms that Ripple-based payment application MoneyTap offers the lowest membership commission.
The list contains 18 payment providers, and Ripple’s MoneyTap offers the lowest membership commission rate with just 1.5% charge. Just like MoneyTap, the likes of Merpey and Yucho Pay also offers 1.5% commission rate. However, unlike the two other payment providers, MoneyTay is tax-free.
According to the list, MoneyTap’s commission rate is cheaper than the rate offered by payment providers likes Union Pay, FamiPay and Pay Pay, among others.
The Ministry of Internal Affairs and Communication will soon introduce the new matrix barcode system, JPQR code, into the market, allowing people to pay via smartphones.
The JPQR code is compatible with 18 payment providers including Ripple’s MoneyTap. The JPQR code is termed a universal payment system that offers easier means of paying unlike the multiple codes found at most stores.
Business outlets can apply for the new payment system via the official website of the ministry. According to NHK Japanese news platform, the ministry would begin to send out the universal JPQR code to businesses starting from late July.
The cashless payment system was introduced by the Japanese government due to the lasting pandemic to help reduce the spread of the coronavirus.
The new QR code payments can be used across the country, and it makes lives more convenient for people.
The JPQR code payment system was propounded by the Cashless Promotion Council as a unified standard that combines QR codes of multiple companies into one QR code. This allows people to make payment to multiple companies using one QR code.
SBI Holdings to Integrate MoneyTap into ATMs in Japan
SBI Holdings, a strategic partner and Series C investor of Ripple last month declared it would be integrating the Ripple-powered payment application, MoneyTap, into ATMs across Japan.
SBI Holdings said the integration would let people withdraw from several ATMs irrespective of their bank. The integration would help reduces ATM operation costs.