Mizuho Bank, a leading global bank with one of the largest customer bases in Japan, has unveiled its plans to launch a payment service specifically designed for the metaverse.
In an interview with Makoto Umemiya, the deputy president of Mizuho Bank’s parent company, it was revealed that the upcoming payment system, known as “Metaverse Coin,” will enable gaming companies and other digital businesses to offer their customers the ability to make purchases within their metaverse spaces.
With the use of Mizuho’s J-Coin Pay smartphone payment service, the new system will enable immediate transactions for users.
The launch of the Metaverse Coin payment service is scheduled for the fiscal year 2023.
Mizuho Bank initially announced its plans for Metaverse Coin in October 2022, following a social media campaign that sought insights from a wide range of individuals regarding their expectations for the metaverse. Through this initiative, the bank recognized the importance of enabling seamless interactions and shopping experiences for both businesses and customers within the metaverse.
Banks venturing into the metaverse and Web3 technology is becoming increasingly common. Earlier this year, in January 2023, the Bank of Thailand made headlines by revealing its plans to issue three licenses in 2024, enabling authorized virtual banks to commence operations in 2025.
In December 2022, HSBC took a step towards embracing the metaverse by filing trademark applications for its name and logo. This move indicated the bank’s interest in exploring non-fungible tokens (NFTs) and entering the metaverse. Additionally, both DBS Bank and Sygnum Bank entered the metaverse with the aim of educating the community about innovative financial products and the future of finance.