The top credit card issuer in the country of Japan known as JCB is now ready to adopt a new business-to-business (B2B) payment solution which would be based on blockchain technology.
The news show that JCB has recently signed a Memorandum of Understanding (MoU) with blockchain-based commercial payments platform Paystand in order to develop a digital payment platform for enterprises and customers in the country.
According to reports which are now viral in the blockchain news, the initiative aims to cut costs and delays which are associated with “pre-internet technology” that is still practiced in Japan and its $10 trillion B2B market that is still dominated by cash transactions. The Paystand CEO Jeremy Almond announced this officially and said that only 1% of the commercial payments in Japan are now made via credit cards.
The partnership with JCB as the top credit card issuer shows that Paystand is adapting to the growing demand for digital technology powered business payments by enterprises, Almond said.
In that manner, the new tool will be apparently implemented to also address some complications in the B2B payment market associated with Japan and its consumption tax hike which was adopted in early October 2019, as the original announcement notes.
The latest cryptocurrency news also show that Paystand’s blockchain-based payment platform is now adopted by more than 150,000 companies in the United States, Canada and Mexico. By partnering with JCB, the company apparently expects a strong push in the Asian market and estimates that its 130 million customers could account for an 80% market share as a spokesperson of the company said.
Meanwhile, JCB has made steps towards adopting blockchain technology. As the top credit card issuer in the country of Japan, it is expected that it will develop the technology that connects separate blockchain networks in order to share their excess capacity, resolving issues that arise from heavy traffic on a single ledger.
The joint development between JCB and Paystand and all of this clearly shows that the top credit card issuer in Japan is serious about distributed ledger technology (DLT) and just like many other industries, is starting to see the benefits of the blockchain technology on a global scale.
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