Japanese banks are planning to create a national digital currency for the nation, known as “J Coin,” that will be ready for the 2020 Olympics set to take place in Tokyo.

The digital currency will be introduced by a consortium of banks, with Japan Post Bank and the Mizuho Financial Group at the head. The consortium already has support from Japan’s central bank to launch the currency, which would be “convertible into yen on a one-to-one basis,” as reported by the Financial Times.

“J Coin” would be transferable through smartphone aps; the consortium plans to utilize QR codes so that the currency may be used in physical stores.

Aside from addressing the Japanese dependency on cash, which is heavier than some of its neighbors, the hope is that the new national electronic currency will help against Alibaba.

The Chinese-based financial services company. Alipay, Alibaba’s mobile payment service, was recently introduced into Japan.

Read more at the Financial Times and Finextra.