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 monetary system system imagination 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 monetary system system imagination in Japan are actually made through bank cards.
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Paystand's partnership with JCB demonstrates that rising demand for digital technology-powered enterprise monetary system system imagination 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-increase 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 according 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.
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