David – Cryptocurrency Expert
Together with Idemia and Soft Space Sdn. Bhd., Japan Credit Bureau Co., Ltd. (JCB) launched the JCBDC (JCB Digital Currency) pilot project. The trial project will be led by JCB, the exclusive international payment brand for Japan, Idemia, an identity technology business, and Soft Space, a fintech firm.
CoinMarketCap, a service that tracks cryptocurrency asset prices, tweeted about this new endeavor.
In addition, the group will create a central bank digital currency (CBDC) payments system and test this pilot project with Tokyo Merchants, according to a news release posted on the Idemia website.
Idemia argues that although retailers may be hesitant to adopt CBDC right away, its managing director feels that CBDC is rethinking the basic principles. Romain Zanolo, managing director of Idemia, thinks CBDC will fundamentally alter how payments are made.
As Zanolo said “We take pride in the fact that our capacity for innovation allowed CBDC payments to be made using current card and POS terminal technology. The integrated payment system experience of JCB, Soft Space, and Idemia will boost CBDC expansion globally.”
However, JCB will use the JCB equipment that is now in use to assess if CBDC will be accepted. The hardware that is now in use consists of JCB's EMV-based contactless payment, retailers, POS terminals, and user interfaces that employ plastic cards.
According to JCB board member and senior executive officer Koremitsu Sannomiya, accepting current payments benefits both consumers and businesses. Additionally, he said “it brings me tremendous pride to announce our project's partnership with Idemia and Soft Space. This study demonstrates that it is possible to integrate new CBDC payment systems with current payment acceptance hardware, which is extremely advantageous for both customers and businesses.”
Joel Tay, CEO of Soft Space, continued by saying that “even though the project was only getting started, their knowledge of in-store payments and current platforms will help them go from theory to reality.”
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