Japans Top Credit Card Issuer JCB To Apply DLT In Its $10T B2B Market

Japan’s prime bank card issuer JCB plans to undertake a brand new business-to-business (B2B) cost resolution primarily supported blockchain expertise.

JCB has signed a Memorandum of Understanding (MoU) with blockchain-based business medium of exchange resource platform Paystand to develop a digital cost platform for enterprises and prospects in Japan, Cointelegraph Japan stories Dec. 20.

Initiative to chop prices and delays attached “pre-internet technology” in Japan’s $10 trillion B2B market

The new joint improvement goals to chop prices and delays attached “pre-internet technology” that’s still practiced in Japan’s $10 trillion B2B market that’s still dominated by money transactions, Paystand CEO Jeremy Almond explicit in an official announcement. According to the exec, just one% of economic medium of exchange resource in Japan are actually made through bank cards.

Paystand’s partnership with JCB demonstrates that rising demand for digital technology-powered enterprise medium of exchange resource by enterprises, Almond famous.

The new device will purportedly be applied to in addition tackle some issues inside the B2B cost market attached Japan’s consumption tax boost adopted in early October 2019, the unique announcement notes.

Paystand expands its blockchain-based mission to Asia

Paystand’s blockchain-based cost platform is now adopted by greater than 150,000 firms inside the U.S., Canada and Mexico. By partnering with JCB, the corporate apparently expects a robust push into Asian market as Paystand estimated JCB’s 130 million prospects to account for an 80% market share, a Paystand interpreter explicit in an email to Cointelegraph.

Meanwhile, JCB has made some stairs in direction of blockchain expertise. In 2019, the bank card agency was reported on creating a expertise that connects separate blockchain networks with a view to share their extra capability, resolution points that come up from heavy visitors on a single ledger.

Japans Top Credit Card Issuer JCB To Apply DLT In Its $10T B2B Market

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