• Kyodo

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Three Japanese megabanks and cashless payment providers plan to set up a consortium this month in a bid to streamline and interoperate their services, a project that could evolve into the introduction of the “digital yen” envisaged by the Bank of Japan, sources close to the matter said Wednesday.

While a number of cashless payment services such as IC cards issued by railway operators and smartphone applications are widely available in Japan, participants are expected to study measures to boost their services to make them more convenient for customers.

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