In this regard, JCB has inked a Memorandum of Understanding (MoU) with blockchain powered commercial payments solution provider Paystand to build an electronic payment processing platform for corporates and clients in Japan.
Paystand CEO Jeremy Almond stated that the latest joint partnership intends to slash costs and postponements related to “pre-internet technology” that is still used in Japan’s $10 trillion B2B market dominated by cash deals.
As per the executive, only 1% of Japan’s commercial payments are completed through credit cards. Paystand’s collaboration with JCB illustrates the rising demand for digital technology based corporate payments.
The latest platform will supposedly be deployed to resolve issues in B2B payment market linked with Japan’s consumption tax increase embraced in early October 2019, according to the original document.
Paystand’s blockchain powered payment platform is now employed by over 150,000 enterprises in the US, Mexico and Canada. By collaborating with JCB, the enterprise seemingly expects JCB’s 130 million clients to make up 80% market share.
In the meantime, JCB has initiated some projects in blockchain technology. Last year, the credit card provider was reported to be creating a blockchain based system that links distinct blockchain networks with an eye to share surplus capacity, solving problems that emanate from network congestion on a solo ledger.