NTT Docomo parent NTT Group and KDDI joined a study to assess development of an interoperable framework for digital payments intended to increase uptake of the services in Japan.
In a statement, digital currency trader and organiser of the research DeCurret said expectations on cashless transactions have been “growing” and require “direction”.
KDDI and NTT Group join Mizuho Bank; MUFG Bank; and Sumitomo Mitsui Banking Corporation on the research group, which DeCurret explained would seek to form a consensus on how to deliver digital payments “and to present a direction for standardising services and infrastructure”.
DeCurret said research was necessary as growing expectations regarding the efficiency and convenience of digital currencies were offset by concerns over privacy, crime and “technology risks”.
The group will be bolstered by observers from various Japanese government ministries, along with the East Japan Railway Company and the Bank of Japan, among others.
It is scheduled to meet up to twice a month from now until September to discuss case studies, assess the viability of emerging technology such as blockchain, and examine challenges in digital payments.