The interbank transfer system will be available for mobile payments

Tokyo, Sept. 15 (Jiji Press)–Japan Bank Payments Clearing Network, or Zengin-Net, announced on Thursday that it will make its interbank money transfer system available to payment service operators mobile.

The move will allow money transfers from smartphone payment apps to bank accounts in early 2024 or later.

The system operated by Zengin-Net, which operates under the Japan Bankers Association, or Zenginkyo, was until now only available to banks and other financial institutions.

The expanded eligibility to participate in the Zengin-Net system comes amid the widespread use of payment apps such as PayPay and Rakuten Pay in the country.

Mobile payment service operators will be allowed to request access to the system from October, under certain conditions, including that they open current accounts at the Bank of Japan.

[Copyright The Jiji Press, Ltd.]