Japanese companies including Nippan Printing &s; Printing Company and Signature Consultants have signed a memorandum of understanding for a joint venture to build the country’s signature on financial records, Bloomberg News reported on Tuesday.
The partnership will create the first Japanese-language banknotes for Japan, which are to be launched by the end of the year, said Nikkei Financial Corp., the countrys biggest financial services company.
The agreement is subject to regulatory approval and will be subject to shareholder approval, Nikkeimedia said.
Signature Consultancy will handle the production of the banknotes, while Nippa Printing &ing.; Printing Company will design and supply the production equipment, and Signature Consulting will provide financial services and marketing, Nikkan News Service said.
The banks’ first notes will feature a QR code that will enable consumers to scan the QR code on their mobile phones and pay by mobile phone to buy a banknote.
The new banknotes will be issued in 2018.
Japan has already produced the QR-based Japanese banknotes with the countrymark, the country marking on the back, the kanji characters for “Japans” and “JP” on the front.
They were introduced in 2018, and since then, more than 2.3 trillion yen ($2.6 trillion) of the new notes have been produced.
The country’s banknotes are the countryʼs official currency, and have been widely used as payment for goods and services.
They also have become popular with tourists, who pay a small fee to use them.
Nippo Printing &printing Co., which has been in Japan since 1993, is the oldest and largest Japanese-owned printing company in the country.
Its operations include printing banknotes and currency for export and for the national government.
The company has about 8,000 employees in Japan.