Japanese bank Mizuho begins development of IoT payments platform

Japanese bank Mizuho begins development of IoT payments platform

Japanese bank Mizuho begins development of IoT payments platform
Japanese bank Mizuho begins development of IoT payments platform

The Mizuho Financial Group, Japan, has begun research and development work on the creation of a payments platform for IoT devices.

In a statement, the bank said it is looking to connected IoT devices such as smart home devices, connected cars and wearables to its own IT system to enable bank account access for customers.

Mizuho will develop the platform alongside Soracom, an IoT start-up based in Tokyo that provides a communications platform for IoT devices, and Liquid, a provider of fingerprint sensors.

Related: Visa and Intel set to cash-in on secure IoT device payments

Mizuho banking on IoT

To develop the platform, Mizuho aims to use Soracom Air Service as its underlying technology. This is service that supports Air SIM, a data communications SIM card specifically designed for IoT devices.

The firms are trialing the use of IoT devices and an application programming interface (API) by working with Liquid, which will provide a payment terminal with fingerprint recognition sensors known as “Liquid Regi”. This will enable bank transfers and balance inquiries at the touch of a finger.

Mizuho said it is using the trial to iron out any issues with the technology and to determine further potential applications for IoT services using banking APIs.

Related: Lloyds is banking on Virtual Reality to attract top grads

Japan puts weight behind IoT

This news comes at a time when Japan’s Internal Affairs and Communications Ministry is planning to develop specialist workers, capable of improving and managing the Internet of Things.

The ministry’s plans are in response to growing demands in the private and public sector for personnel who can deal with cyber-attacks and the huge increase in data volumes generated by IoT, a common problem across the globe.

According to the Japan Timesan expert panel will discuss a certification system for IoT-related skills, while a special training center will be set up to improve cyber skills, with the aim of encouraging people to pursue qualifications in this area.

Related: Blame the skills gap? Businesses failing to take advantage of IoT data