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Mizuho Financial Group (MFG) has entered into a joint venture agreement with Mizuho Bank, Metaps and venture capital firm WiL to create a new digital wallet firm in Japan.
Under the JV agreement, the four entities will create a new firm called M Wallet Preparation Company in Tokyo in May 2017 with a focus on facilitating electronic payments through a digital wallet app, leveraging payment data, and other related services.
M Wallet Preparation Company will use Metaps’ data analytics, electronic payments knowledge, and smartphone app expertise. It will also access extensive knowledge of Mizuho and WiL in the area of financial services.
Mizuho is the latest entrant in the global list of banks to mark its presence in the fintech market that has been dominated by startups.
Mobile wallet usage in Japan is increasing. Japanese consumers use their smartphones for public transit tickets, in-store mobile payments, and to store data of credit cards and loyalty cards.
To know more and gain deeper understanding of how mobile payment industry is shaping up globally, click here.
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