JCB and TECHFUND Associate for Blockchain Payment System Ideas
Japan-based credit card and payment firm JCB has declared collaboration with tech startup accelerator TECHFUND to examine the idea of a payment system with blockchain options; the company stated on Friday (May 15).
It is recently unknown whether the plan will concentrate on the public blockchain or if the idea will just utilize the accelerator to access entrepreneurs.
TECHFUND isn’t novel to the blockchain sphere, having examined assisting entrepreneurs with service token offerings in the past. And the startup has a “blockchain-as-a-service” platform that enables companies to obtain their own solutions with Ethereum, List, NEO, and NEM.
JCB, one of the biggest credit card operators in Japan, has also operated with blockchain before associating with U.S.-based Paystand for a B2B payment system.
The bank is now also operating with Singapore-based Keychain on a project designed to promote security for next-generation payment systems by utilizing enterprise blockchain. That initiative, declared last December, uses the “Keychain Core” central offering and operates with the Internet of Things devices and other tablets, phones, and computers.
Keychain Core was rolled out last September, earlier than expected, as reports recommended that sort of technology wouldn’t be available for another few years.
JCB reported revenues of $2.8 billion in the fiscal year 2018. The company’s cards can be utilized in 23 countries. The company was established in 1961 as Japan Credit Bureau and altered its name to JCB in 1978.
Utilizing blockchain in combination with credit cards isn’t a new idea. Visa has done it with Visa B2B Connect, leveraging blockchain, and Mastercard has rolled out various initiatives adopting blockchain in some way. American Express applies blockchain for its rewards program.
JPMorgan Chase lately declared a new product, “Coin and Cleaning Networks,” concentrating on new age cash management and payments services.