Japanese Financial Titan SBI Looks To Start Cashless Society With Mobile Payments Token Trial

Japanese financial giant SBI Group aims to revolutionize the financial world and move society towards a cashless norm, launching trials for a cryptocurrency token the firm aims to use for retail payments over mobile devices.

Japanese Financial

In a press release published on September 25, SBI Group announced that its financial investment arm, SBI Holdings, was launching trials on it’s “S” token, based on distributed ledger technology (DLT), and aimed for use on a mobile payments platform.

SBI Holdings’s blockchain lead Mamoru Fujimoto and Yoshitaka Kitao, President of the company, who described S Coin as a “settlement coin,” say the token will allow charging and settlement over a user’s smartphone.

SBI Pushes For Cashless Payments

SBI GroupThe S Coin will be tested by the firm’s employees, who will use the S Coin Platform to make cash-free purchases at cafes and restaurants around the company’s Tokyo headquarters.

To allow employee access to the S Coin, SBI Holdings installed a machine from Glory, a firm that manufactures and operates automated cash devices, linked to the S Coin platform that will allow trial participants to use the machine to top up with credit cards and other means. After topping up, the S coins are then sent to the user’s mobile devices.

The release hints at future products linked to the S Platform that may be distributed in partnership with Glory. The firm also stated that:

“By doing this, we exchange cash with various electronic currencies and 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.”

The trial will also allow SBI Group to explore other possible uses for DLT.

SVI Holdings developed the S Coin Platform using DLT proved by blockchain startup Orb. Orb’s DLT platform allows users to design and publish custom cryptocurrencies for specific applications.

Orb’s blockchain platform is built specifically for transaction processing and management in financial and contract applications, the firm’s website says, boasting of its “high availability, scalability, and security in private or consortium networks.”

According to Fujimoto and Kitao, SBI aims to build a cashless society by offering various settlement infrastructure, in partnership with both Orb and Glory.

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Japanese Financial Titan SBI Looks To Start Cashless Society With Mobile Payments Token Trial
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Japanese Financial Titan SBI Looks To Start Cashless Society With Mobile Payments Token Trial
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Japanese financial giant SBI Group aims to revolutionize the financial world and move society towards a cashless norm, launching trials for a cryptocurrency token the firm aims to use for retail payments over mobile devices.
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Ibinex News
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