- Payment network and credit card issuer JCB joins hands with startup accelerator TECHFUND.
- Deeming its newest project as a “strategic partnership,” this deal will be a joint research to develop a new platform for facilitating transactions using blockchain technology.
- Used in 23 countries worldwide, JCB reported a revenue of $2.8bn in the fiscal year of 2018.
Despite various countries being against the concept of cryptocurrencies and digital payments, it’s no secret that it is an industry which will shape the future of money. Companies, banks and governmental institutions are embracing blockchain for payment remittances.
Lately, Japan-based global payment network JCB partnered with tech accelerator TECHFUND to conduct a joint research on a blockchain-powered payment system.
The alliance will enable JCB – previously known as the Japan Credit Bureau – to capitalize on TECHFUND’s technology involving cryptocurrency staking and security token offerings (STOs) and “contribute to solving various issues in the payment field,” JCB said in a statement.
The announcement for the aforementioned research comes two weeks after the two firms entered into a collaboration to develop a blockchain-based payment system.
TECHFUND is not new to blockchain. The tech accelerator even has a blockchain-as-a-service (BaaS) programme called ACCEL which allows startups to develop blockchain applications faster by utilising Ethereum, NEO, List and NEM.
Firms and banks bolster blockchain in their business
With more than 140 million cardmembers and a network of 34 million merchants, JCB decided to adopt a B2B payments solution developed using blockchain or distributed ledger technology (DLT) in December 2019, for which it partnered with payment firm Paystand.
Alongside, it also joined forces with Singapore-based blockchain firm Keychain aiming to use the technology for “self-sovereign identity, data-centric security and secure workflows,” it said at the time.
JCB is hardly alone to be combining blockchain technology with credit cards. Payment giants such as VISA, Mastercard and Amex too have forayed into modern methods of financial transfers by leveraging the technology. Banks such as JP Morgan too has been investing heavily in blockchain and boosting the cryptocurrency sector.
Given that JCB’s credit cards are being used across 23 countries globally, it is indeed fitting that the company is expanding its horizons and embracing modern technology.