Mizuho Financial Group, Inc. (President & Group CEO: Yasuhiro Sato) and Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara) have begun proof–of–concept testing of pring*, a wallet app for smartphones. The app is offered by pring, Inc., a member of the Metaps Inc. group.
On April 14, 2017, Mizuho Financial Group, Mizuho Bank, Metaps, and WiL LLC signed an agreement to collaborate on a new payment service. Through this collaboration, they jointly developed pring, and this proof–of–concept testing process will examine pring's ability to perform a variety of transactions using electronic money drawn from the user's bank account.
To be more specific, pring aims to provide users with a seamless method of converting funds in their bank account into electronic money that can be sent and received via social media accounts or phone numbers, or used to make quick payments at participating locations via a QR code, in addition to other uses. Sometime within the remainder of 2017, pring's performance in such real–world applications will be tested. Employees in Mizuho Bank's head office will be the first to test pring's operability by using it to pay for items in the head office building's café and employee cafeterias. Functionality will subsequently undergo further testing by gradually expanding to more users and locations.
In anticipation of the increasing shift toward a cashless society, Mizuho hopes that this wallet app will serve as a starting point in the organization's quest to find new possibilities in FinTech.
*What is pring?
Offered by pring Inc. (formerly M Wallet Preparation Company Inc.), part of the Metaps Inc. group, pring is a wallet app that allows you to use your smartphone for transactions such as sending money to friends or family, making payments at participating locations, or converting electronic money into cash. Just one tap turns funds from your Mizuho Bank account into electronic money! Beta version released on October 17, 2017.