Japanese banks to begin electronic money experiment in '98

Jul 14, 1997 02:00 AM

June 20, 1997 Major Japanese banks will launch a joint experiment of electronic money next year to thrash out a unified standard by the year 2000. The banks comprising 10 big commercial banks known as ''city'' banks and some 60 regional banks will make as many as 100,000 people use a smart card jointly developed by Nippon Telegraph and Telephone Corp.. The smart card can be used to make payments at retail stores, deposit and withdraw money at banks to pay bills, and make calls on pay phones. The experiment will be conducted first in Tokyo's Shinjuku district and then in major regional cities as Osaka and Fukuoka. The banks' move to grope for a unified standard on electronic money comes at a time when the state-run postal savings system is planning to begin a similar experiment on its own in January next year.

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