Japanese lender Mizuho Bank Ltd., announced plans to launch a new smartphone-based digital currency platform in March called J-Coin Pay, which uses QR codes to buy goods, transfer funds and conduct other transactions on their mobile devices.

The J-Coin Pay system will launch in coordination with 60 other financial institutions and already has commitments from major retail companies, restaurants and other companies to participate, according to a company release.

The smartphone app will also allow customers to make payments, move funds between accounts and conduct fund transfers to other people. The service will also be available to non-Japanese customers visiting the country through partnerships with QR code operators from overseas.

Chinese mobile payment firms UnionPay and Alipay will participate in the international partnerships, as the plan is to initially focus on Asian countries.

The service will launch on iOS and Android starting March 1 and register the Mizuho deposit accounts for the service on the same day. Meanwhile, other participating financial institutions will be able to register starting March 25.