Japanese multinational conglomerate ‘Softbank’ unveiled a new debit card that may be utilized to make both traditional fiat and blockchain-based digital currency payments.
The new product, named ‘SBC Wallet Card,’ highlights a prepaid debit card, a blockchain-based wallet, that can be utilized either “hot” or “cold” for blockchain-based transactions according to the announcement, and a small on-card display.
The new debit card provides two-way communication between banks and consumers using the card’s ‘inbuilt telecommunications connection.’ Reflecting on the news, the firm said that the “SoftBank team is making a big break in the blockchain payment sphere.”
Softbank said that the Wallet Card offers better security by leveraging its encryption system installed in an ‘IoT chip’ that, in turn, uses inbuilt WiFi to transfer blockchain-based transactions. Softbank also announced that users could switch between the option to execute both fiat and blockchain-based payments.
Softbank SBC Project Leader said, “We are not doing simple cards, but are creating a flexible and faster life of the application scene and the future of payment integration. The SBC we developed doesn’t close to other encryption cards. You will know the black technology only after you used it.”
Interestingly, SoftBank stated that the new “electronic payment service lessens the time for block confirmation,” which means that digital payments would be settled instantly.
The US-based payments technology firm ‘Dynamics’ developed the underlying technology for the card. The firm, which first revealed the Wallet Card at ‘Mobile World Congress’ in Barcelona last year, has amassed $110 million from investors, including ‘MasterCard.’
This isn’t SoftBank’s first venture into digital payments. Just two weeks ago, the Japanese conglomerate declared plans to consolidate its subsidiary ‘Yahoo Japan‘ with ‘Line Corp,’ an instant messaging firm that runs Japan’s most extensively used digital wallet today.
Last year, SoftBank’s subsidiary SBI was also testing out mobile-based blockchain payments utilizing the firm’s native S-coin payments network.
The card is being rolled out this week and will be backed by payment systems in 10,000 stores across Japan.
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