Mitsubishi UFJ Financial Group, one of the world’s largest financial groups, has been experimenting with using its own cryptocurrency, the Mufg coin, for payments at a convenience store for employees. This week, a local publication reported on the progress of the experiment.
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Payments at Convenient Store
Mitsubishi UFJ Financial Group (Mufg) has been experimenting with its digital currency, the Mufg coin. A convenience store for employees only, located at the group’s headquarters in Tokyo, has been allowing Mufg employees to pay with these coins. The Sankei Shimbun visited the store and reported this week that the experiment “is quietly advancing.”
Mufg coins being used at the convenience store for employees. Photo credit: the Sankei Shimbun.
A cash register has been set up for payments using Mufg coins at the store. Employees paying with them present the QR code displayed on their smartphones to the store clerk at checkout. Mufg will examine any issues faced by both the users or the merchant.
In addition to making payments at the convenient store, the coins can be used to exchange money between colleagues such as splitting bills, the news outlet conveyed.
Mufg is Japan’s largest financial groups, with total assets of 306 trillion yen (~US$2.76 trillion) as of March 31. One of its subsidiaries, Mufg Bank, is also Japan’s largest bank with offices throughout Japan and in 40 other countries.
Plans for the Mufg Coin
The Mufg coin was created as Mitsubishi UFJ Financial Group explored how “blockchain technology could be applied for a variety of everyday financial needs, such as withdrawals and deposits to transactions and payments,” the company previously described, elaborating:
Potentially this coin could have large-scale commercial potential, as
