Japan’s Largest Credit Card Company Builds Blockchain Payment System

May 19, 2020 at 08:18 // News
Coin Idol
Japan is building a blockchain payment system

JCB, a global credit card network company in Japan, announced on May 15 that it is building a blockchain-based transaction system in cooperation with a Japanese venture capital and blockchain startup.

JCB plans to utilize the blockchain expertise possessed by tech funds like securities token disclosure (STO) and staking to build a blockchain and distributed ledger technology (DLT) trading system.

Developing a sustainable payment network using Blockchain

As per the official announcement, JCB will resolve numerous issues in the settlement area based on the startup called TECHFUND and its expertise in Security Token Offering and DLT in staking and machine learning technology.

The new project is aimed at facilitating digital payments and developing a decentralized platform for peer-to-peer transactions that would allow to avoid intermediaries and to solve most problems existing within the traditional remittance industry. 

JCB is the largest credit card company in Japan, headquartered in Tokyo. In addition to Japan, the company has cooperated with card firms in 19 nations and has around 29 million affiliates and 90 million members across the globe. 

DLT-powered B2B payments

At the end of 2019, the company unveiled a partnership with Paystand, a DLT-based payment platform located in California, USA, and revealed that it would develop an effective blockchain-powered business-to-business (B2B) payment solution for corporate clients. 

In addition, in January 2020, JCB started a joint project with Fujitsu Limited to develop a new cryptocurrency / digital currency settlement collaboration platform. A platform that enables effective use of digital currencies (including cryptocurrencies, virtual currencies and digital securities), regional currencies, store-specific points, card points, and other digital values ​​converted into appropriate currencies and points according to the payment method.

Generally, JCB has long been interested in exploring blockchain technology to revolutionize online payment methods.

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