37 companies are in o­n this, including JCB, Visa, MasterCard, DoCoMo, KDDI, and Vodafone. Yet for some reason, it's the first time I've heard about it.
It's officially named the "Infrared Credit Settlement Convention." Or at least that's the best translation I could come up with.

The "Infrared Credit Settlement Convention," to be the driving force behind the standardization of a system that uses infrared functions of cellular phones to settle payments with credit cards, has been established.

This convention organization was established to standardize a system of using infrared communication functions of cellular phones to settle with credit card. Credit card companies and others have conducted tests such as "Kei-Credit Trial" and "Visappi," and are aiming for commercialization. The new organization will work towards standardization of the technology infrastructure behind using infrared for credit cards, and will not o­nly ensure compatibility of the application rules, but also work to establish international standard specifications and to spread the services to businesses.

There are 37 companies planning o­n participating, including JCB, Visa International, MasterCard International credit card companies, as well as DoCoMo, KDDI, and Vodafone.

Inspired by:
http://k-tai.impress.co.jp/cda/article/news_toppage/19892.html

JCB:
http://www.jcb.co.jp/

Visa International:
http://www.visa.co.jp/

MasterCard International:
http://www.mastercard.com/jp/