Japan’s JCB Credit Card Issuer Partners Up with TECHFUND

JCB, the credit card issuer based in Japan, has recently made a partnership with a venture capital firm based locally. Through this firm, TECHFUND, the two aim to create a transaction system that’s based on a sustainable approach within a blockchain network.

Joining Forces For Innovation

This much was given via a statement that JCB had made. Through this statement, having been made on the 15th of May, 2020, the partnership between these two groups will see TECHFUND lend its expertise to the credit card issuer. In particular, TECHFUND will give its security token offerings, or STOs,  familiarity to JCB, as well as its experience in staking. Through this, the two groups aim to create a new platform for transactions within a blockchain network.

Techfund is based in Tokyo, just like JCB is, and currently has a program going by the name of ACCEL, a Blockchain as a Service, or BaaS. ACCELL BaaS is aiming to increase the speed of blockchain technology adoption dramatically. Notably, the firm is seeking to have it accelerate adoption within various enterprises and startups.

Many Steps Taken

JCB itself has not been idle, either, taking various steps to provide multiple innovative solutions regarding online payments. Back in December of 2019, JCB had signed a Memorandum of Understanding, or MoU, with PayStand, a commercial payments firm based on blockchain networks. These two companies will endeavor to develop a payment platform, one prioritized to customers and enterprises within Japan.

The venture itself will prioritize cutting out the delays and costs that are commonly associated with pre-internet technologies. These technologies are still widely used throughout Japan’s Business-to-Business markets, valued at $10 trillion in total. According to Jeremy Almond, the CEO of PayStand, only 1% of all commercial payments in Japan are done through the use of credit cards.

Global Adoption Of Blockchain

It seems that Japan is growing in its desire to innovate and move forward from its otherwise static system of conventional payments. The country stands behind the world at large, eager to integrate the new budding blockchain technology into day-to-day usage. The decentralized ledger technology (DLT) aspect of blockchain networks stands to serve significant corporations already, with some already doing large-scale transactions through it. In recent times, Agrocorp had made a $12 million wheat deal with Cargill, doing so on DLT.

As the world slowly integrates itself with the power of blockchain technology, things like this will become a simple eventuality in the long run.