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May 19, 2020

JCB, TECHFUND team up to create blockchain-powered payment system

Japan’s credit card issuer JCB has partnered with technology startup accelerator TECHFUND to develop a blockchain-powered payment system.

The partnership will leverage TECHFUND’s expertise on cryptocurrency staking and security token offerings (STOs) to develop the new platform.

However, it is unclear whether the initiative will explore public blockchain or use the TECHFUND accelerator to access entrepreneurs.

TECHFUND has created a blockchain-as-a-service (BaaS) programme called ACCEL to promote the adoption of blockchain technologies for startups.

JCB recorded $2.8bn in net revenues in fiscal 2018, which makes it one of the largest credit card issuers in Japan.

JCB’s credit cards are being used across 23 countries globally.

Back in December 2019, the company partnered with a US-based blockchain payments firm Paystand for a B2B payments system.

The company also partnered with Singaporean blockchain firm Keychain to increase the security of payments on its network.

Developments at JCB in 2020

In January this year, Danish payments firm Nets Group inked a partnership to enable acceptance of JCB cards by its merchants in Finland.

The agreement will allow JCB payment acceptance via Nets Merchant Services platform.

This February, Hong-Kong payments services provider Oceanpayment partnered with JCB to become the latter’s acquiring partner.

Last month, JCB tapped fintech Soft Space to launch the Tap on Mobile programme.

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