- JCB, in collab with Idemia and Soft Space, launches the JCBDC pilot project.
- Managing Director of Idemia believes CBDC will redefine the basics of payment systems
- Senior executive officer of JCB highlights the benefits of the project.
Japan Credit Bureau Co., Ltd. (JCB), launched JCBDC (JCB Digital Currency) pilot project in collaboration with Idemia and Soft Space Sdn. Bhd. JCB, Japan’s only international payment brand, along with Idemia, identity technologies, and Soft Space, a fintech company, will spearhead the pilot project.
CoinMarketCap, a price-tracking website for crypto assets, announced on Twitter about this new venture.
#cryptonews: Japan Credit Bureau (JCB), a Japanese analog to international payments systems like Visa (NYSE:V) or Mastercard (NYSE:MA), announced the start of its central bank digital currency (#CBDC) infrastructure testing.— CoinMarketCap (@CoinMarketCap) October 25, 2022
Moreover, as per the press release published on the Idemia website, the trio will develop a central bank digital currency (CBDC) payments solution and test this pilot project with Tokyo Merchants.
Although Idemia thinks that merchants would be reluctant to straightaway embrace CBDC, the Managing Director of Idemia believes that CBDC is redefining the very fundamentals of the payment ecosystem.
Idemia managing director Romain Zanolo believes that CBDC will radically transform payment systems.
Zanolo remarked:
We’re proud that our ability to innovate has enabled CBDC payments with existing card and POS terminal hardware. Idemia, JCB’s, and Soft Space’s joint payment system expertise will usher in worldwide CBDC growth
However, JCB will put the acceptance of CBDC to the test using the existing JCB hardware. In particular, the existing hardware includes JCB’s EMV-based contactless payment, merchants, POS terminals, and plastic card-based user interfaces.
Koremitsu Sannomiya, Board Member and senior executive officer of JCB, stated that using the existing payment acceptance is of great benefit to the consumer and merchant. Moreover, he stated:
It gives me great honor to announce our collaboration with Idemia and Soft Space on this project. This project proves that we can use existing payment acceptance hardware for new CBDC payment systems, which is a huge benefit for both consumers and merchants
Subsequently, Soft Space CEO Joel Tay mentioned that though the project was in its infancy stages; however, it would take them forward from theory to reality through their expertise in in-store payments and existing platforms.
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