Japan’s SBI Trials Crypto Token For Retail Purchases Using Smart Phone

Japan`s financial services giant SBI Holdings is conducting the trial of a crypto token, which can be utilized to perform retail purchases with smartphones. The news was officially announced in a news report circulated September 25. The media announcement depicts the trial as a major litmus test for blockchain’s capabilities and efficiency.

SBI also points to Satoshi Nakamoto, the pseudonymous developer behind Bitcoin (BTC), and claims that the company is working to “improve” upon the “convenience of [Nakamoto’s]’ vision.

The proclamation, made collectively with software startup Orb and fintech firm Glory, illustrates that SBI is well set to validate its latest blockchain-powered “S coin” token, which it exemplifies as a “settlement coin” permitting for “charging and settlement” utilizing a smartphone.

The testing will supposedly involve SBI Group employees employing the S Coin platform to accomplish cash-free procurements at cafeterias and restaurants surrounding the campus of the SBI headquarters.

For the testing process, SBI stated that it has deployed the S Coin platform on an autonomous cash machine tailored by Glory. Clients can use credit cards and other means of payment to load their smart phone wallet with S Coins using SBI’s exclusive system.

SBI has indicated that the S Coin platform has been built for the release of crypto currencies that are tailored for specific use cases, and is centered on distributed ledger technology (DLT) created by Orb. The official statement points to the fact that the trial will be used to “verify whether we can meet the needs of various users envisioned.”

“After that, we will promote consideration of electronic currency settlement, such as enabling settlement with Glory’s products … SBIH, Orb [and] Glory will create a cashless society by offering various settlement infrastructures, looking to the fintech market that has been created by changes in users’ payment devices and technological innovation accompanying the spread of smartphones in recent years.”

It can be remembered that SBI this summer launched its in-house crypto exchange, named ‘VCTRADE.’ Together with VCTRADE, SBI has this year been carrying out a bulk trial of Ripple’s blockchain-backed real-time gross settlement system (RTGS) in a key venture that comprises roughly 38 banks. Furthermore, at least 23 more banks are involved in extended testing of blockchain remittances.