Japan's largest credit card issuer JCB plans to adopt a new type of business-to-business (B2B) payment solution based on blockchain technology.
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Cointelegraph Japan reported on December 20 that JCB has signed a memorandum of understanding (MoU) with blockchain-based commercial payment platform Paystand, which aims to develop digital payment platforms for Japanese companies and customers.
The plan cuts costs and delays associated with "pre-Internet age technology" in Japan's $ 10 trillion B2B market
Paystand CEO Jeremy Almond said in a formal announcement that the new joint development aims to reduce costs and delays associated with "pre-Internet age technologies" that are still in Japan at 100,000 Used in the $ 2 billion B2B market, which is still dominated by cash transactions. According to the executive, only 1% of commercial payments in Japan are now made by credit card.
Almond noted that Paystand's partnership with JCB demonstrates the growing demand for digital technology-driven business payments.
The initial announcement stated that it is said that new tools will be implemented to address some of the complex issues in the B2B payment market related to the increase in the consumption tax passed by Japan in early October 2019.
Paystand expands its blockchain-based project to Asia
Paystand's blockchain-based payment platform is now used by more than 150,000 companies in the United States, Canada, and Mexico. Working with JCB, a Paystand spokesperson said in an email to Cointelegraph that the company clearly wants to push the Asian market aggressively, as Paystand estimates that JCB's 130 million customers will account for 80% of the market.
At the same time, JCB has taken a step forward in blockchain technology. The credit card company reportedly developed a technology in 2018 that could connect separate blockchain networks to share its excess capacity, thereby solving the problems caused by the heavy traffic on a single ledger.