The Mizuho-IBM Japan partnership, announced earlier this year, has developed a digital currency that aims to reduce the cost of money transfers and lead to new mobile payment services, Nikkei Asian Review reported.

In June, Mizuho Financial Group and IBM announced a test of the potential of blockchain for use in settlements with virtual currency. By incorporating blockchain technology into settlements with virtual currency, Mizuho aimed to explore how payments can be instantaneously swapped, potentially leading to new financial services based on this rapidly evolving technology.

According to the latest report from Nikkei, the duo tested the digital currency from July to September using an app that calculates the amount owed by each member of a dinner party for meals and drinks. In the trial, one unit of the digital currency was equal to one yen.

The companies tested if one member could pay the entire bill using the digital currency. They also tested the possibility of creating services that would alert members to the amount they owe.

The trial did not reveal any major problems, however protecting user information remains a concern, Mizuho said. The companies will now consider whether actual services can be created using the currency.