Four major Japanese banks and credit card company UC Card Co will begin testing an electronic cash transaction system in June for credit card purchases over the Internet. DaiIchi Kangyo Bank, Fuji Bank, Asahi Bank, Sakura Bank and the credit card will collaborate on the government- backed project, which will take two years and cost between $28m to $38m. The five companies will set up an organization in June that will serve as an intermediary by identifying retailers and shoppers, and authorizing credit payments, DaiIchi Kangyo Bank said. The companies plan to begin a trial run in June with about 1,000 UC card holders. Internet surfers with an account at any of the four banks will be able to join the system, which the quartet hopes will become the industry standard for electronic shopping, from 1997.
