Japanese payment network JCB and Paystand, U.S. blockchain-powered commercial payment firm, are set to develop an end-to-end solution for payments in Japan.
JCB has finalized a deal with Paystand to establish a full-service payment platform for Japanese consumers, according to Tech Republic.
With the focus of the platform being corporate customers, it was pointed out by Paystand CEO Jeremy Almond that that over 90 percent of payments in Japan and South Korea carried out between businesses are completed using cash or other traditional methods. Although in Japan, transactions between corporates are worth an annual $10 trillion dollars, only about 1 percent are conducted through digital channels.
Almond said business to business transactions in the two countries where JCB is prevalent are “saddled with a legacy system rife with costly transaction fees, manual processes, and delays”. He added that his company’s agreement with JCB is “yet another indication that enterprises in all markets are demanding easy, secure, frictionless business payments that leverage digital technology”.
The Paystand CEO further noted that by not adopting digital payment systems, Japanese companies are shouldering hundreds of millions of dollars in unneeded costs. He added that not only will the JCB Paystand platform cut these costs, but it will also provide a more streamlined experience.
Describing it as “this magic money experience that we have on the consumer level, where you walk in the Starbucks and you’re able to use your Starbucks app and money just automatically moves,” Almond said “what blockchain smart contracts allows you to do is, when there is a contract that says your customers will pay you in 30 days after you deliver these goods and services, that money can move automatically”.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us