Bitcoin Boom: Japan’s Largest Bank to Turn Credit Card Unit into Digital Currency Platform

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The Mitsubishi UFJ Financial Group (MUFG) is reportedly planning to turn a majority-owned credit card unit into a wholly-owned hub for managing digital currencies.

According to a Nikkei report, Japanese megabank MUFG is set to position a major credit card unit into a hub for digital currencies and payments in preparation for a societal shift to cashless payments through digital currencies and digital wallets.

MUFG holds an 85% stake in major Japanese credit card issuer Mitsubishi UFJ Nicos, with the remaining 15% owned by Norinchukin Bank, a Tokyo-based bank that primarily services agricultural cooperatives. According to the report, MUFG will pay ‘tens of billions of yen” (10 billion yen is approximately USD$88 million) for Norinchukin Bank’s share in a transaction that is expected to occur this year.

Why is Japan’s largest bank making this move? The company saw reason to establish a dedicated company to handle payment platforms, specifically cashless payments driven by digital wallets and virtual currencies as they become popular in Japan, according to a company official cited by the publication.

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Read more ... source: CryptoCoinsNews

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