Japan Credit Bureau to test credit card-based CBDC settlement solutions

Japan Credit Bureau (JCB) said volition Oct. 24 that it volition commence the JCBDC aviator task to trial credit-card-based colony solutions for cardinal slope integer currencies (CBDC) utilizing its existing recognition paper infrastructure.

JCB has been Japan’s lone planetary recognition paper outgo marque since 1981, with 146.1 million paper members arsenic of March 2022.

The collaboration volition spot JBC articulation forces with IDEMIA and SoftSpace to leverage the former’s individuality designation services and the latter’s outgo solution services to recognize the project’s imaginativeness of introducing retail CBDCs successful the country.

Additionally, the task aims to resoluteness challenges specified arsenic integration with the existing outgo infrastructure and creating a user-friendly CBDC for those who bash not usage smartphones, including the aged and children.

The task besides seeks to reverse the tepid involvement among the Japanese colonisation successful the thought of CBDCs.

In August 2021, the Bank of Japan (BoJ) announced it would wantonness its planned big of CBDC services aft completing 2 phases of its CBDC investigating since April 2021. The determination was made owed to a deficiency of nationalist interest, the prevalence of net banking services, recognition paper usage, currency issuance, and e-money outgo gateways.

The BoJ has reportedly stated determination is nary request to instrumentality CBDCs successful the adjacent future.

The making of JCBC

Three companies volition make volition make a solution consisting of 3 functions arsenic portion of the project.

The archetypal volition beryllium to trial CBDC colony solutions by integrating existing JCB Contactless and Softspace’s contactless outgo terminal into the outgo infrastructure of stores, truthful users tin wage via CBDCs utilizing their smartphones.

The 2nd solution is to trial the issuance and proviso of integrative cards for CBDCs, portion the 3rd is to physique a simulated CBDC handling environment.

The JCBDC task aims to reason by the extremity of 2022 with a outgo solution astatine the ready, followed by objection experiments astatine carnal retail stores until the extremity of March 2023 to place and destruct issues of the pilot.

The station Japan Credit Bureau to trial recognition card-based CBDC colony solutions appeared archetypal connected CryptoSlate.