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Japan’s Credit Card Giant Joins Hands with TECHFUND for Blockchain Transaction System

Companies in the traditional financial space are increasingly noticing the potential of blockchain technology and moving in this direction. In the latest development, Japan’s credit card issuing giant JCB has joined hands with local tech accelerator TECHFUND for creating a sustainable blockchain-based payments processing platform.

As per the official announcement by JCB last Friday, May 15, JCB will leverage TECHFUND’s expertise for security token offerings (STO). The technology startup accelerator TECHFUND has already been working on some blockchain initiatives in the past. Like it has enabled a blockchain as a service platform that allows startups to create blockchain applications faster using NEO, Ethereum, List and NEM platforms.

Based out of Tokyo, TECHNFUND has got its own program called ACCEL BaaS. This program aims to boost the adoption of blockchain technology for new-age enterprises and startups. In the official announcement, TECHNFUND wrote:

“Currently, we are focusing on supporting blockchain and STO projects, and are also developing and providing “ACCEL BaaS (Blockchain as a Service)” that “accelerates” development of startup and enterprise blockchain applications. Supporters include staking business EtherSecurity. JCB and TECHFUND aim to contribute to the realization of a better society by examining solutions to problems in the settlement area”.

JCB is the Visa equivalent of Japan and one of the largest credit card companies in the country. Besides, JCB has also a presence in all over 23 countries across the globe. Previously, JCB has undertaken several blockchain initiatives. For e.g. in December 2019, JC partnered with U.S.-based Paystand for a B2B payments system.

JCB has also partnered with Singapore-based blockchain firm Keychain to develop enterprise-grade blockchain for “self-sovereign identity, data-centric security and secure workflows”.

As said, JCB is not the only and the first player to leverage a blockchain-based payments system. Payments processing giant Visa has recently filed a new patent with the USPTO for a crypto payment system.

The system aims to private blockchain platform integrated with central banks and commercial banks who can assign digital fiats against physical cash. The central bank will work as a central computing unit that will entirely regulate the monetary supply.

Besides, the commercial banks will work like validating entities representing blockchain nodes in the system. As explained by Visa, the basic goal of the crypto-payment system is the removal of physical cash from the ecosystem.

“A user or bank may transfer the digital currency from wallet to wallet or store the digital currency on a smart card and transfer the smart card to another entity,” notes the company.

Japan’s Credit Card Giant Joins Hands with TECHFUND for Blockchain Transaction System

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