Japan Banks Launching Digital Currency Platform

Mizuho along with 60 other banks are launching a new digital wallet called J-Coin Pay; the name implies that J-Coin might be a digital token but does not use cryptocurrency or blockchain; it is a self described digital currency platform that uses QR codes to process smartphone payments, similar to Alipay and WeChat Pay; Japan still relies heavily on cash and one of the goals for the government is to increase the growth of digital transactions; currently digital payments only account for around 20% of transactions, compared to over 60% in China. Source