JCB, the leading international payment brand from Japan, has announced the JCBDC (JCB Digital Currency) Pilot project with IDEMIA, a world leader in identity technologies, and Soft Space, Asia’s leading secure payments platform. The JCBDC Pilot will test a Central Bank Digital Currency (CBDC) payment solution, and conduct a demonstration experiment with Tokyo merchants.
Central banks in many countries and regions have been testing CBDCs that could be widely accepted by consumers and merchants. However, merchants might be reluctant to accept them, and mass-market rollout may be held up by people without smartphones, like children and the elderly, who could find the user interfaces and payment systems hugely challenging.
JCB will have CBDC acceptance tested using its existing ‘JCB Contactless’ infrastructure – EMV-based payment merchants, POS terminals and plastic card-based user interfaces – with guidance from IDEMIA and Soft Space. JCB, IDEMIA and Soft Space will have concluded CBDC system development by late 2022 and will conduct pilot CBDC acceptance with Tokyo merchants through March 2023.
„It gives me great honour to announce our collaboration with IDEMIA and Soft Space on this CBDC acceptance project,” said Koremitsu Sannomiya, Board Member and Senior Executive Officer of JCB. „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.„
„We at IDEMIA firmly believe that CBDCs are redefining the very fundamentals of the payment ecosystem. We’re proud that our ability to innovate has enabled CBDC payments with existing JCB Contactless cards and POS terminal hardware. Joint payment systems by IDEMIA, JCB and Soft Space will usher in worldwide CBDC growth,” said Romain Zanolo, IDEMIA Managing Director, APAC Financial Institutions.
„We’re thrilled to be in the world’s first trial of CBDC acceptance on SoftPOS, alongside partners JCB and IDEMIA. Although CBDCs are still in their infancy, this pilot takes a forward leap, from theory to reality, by harnessing in-store payment experience and existing payment platform expertise,” said Soft Space CEO Joel Tay.
*EMV(R), a registered trademark in the U.S. and other countries, is owned by EMVCo, LLC.
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JCB, a major global payment brand and leading credit card issuer in Japan, launched its card business in 1961, expanding worldwide in 1981. JCB has formed alliances with hundreds of leading banks and financial institutions, its network includes more than 39 million merchants worldwide, and more than 140 million cardmembers.
IDEMIA provides unique technologies with long-standing expertise in biometrics, cryptography, data analytics, systems and smart devices. With 15,000 employees, IDEMIA is trusted by over 600 governmental organizations and 2,300 enterprises spread over 180 countries.
Founded in 2012, Soft Space is the world’s leading SoftPOS player, with over 50 financial institutions and partners across 23 global markets adopting its payment solutions. Supported by MDEC’s Global Acceleration and Innovative Network (GAIN) programme, Soft Space ranked 66 of 1000 companies in the Financial Times’ FT 1000: High Growth Companies in Asia Pacific 2018, and in 2020 was recognized as an IDC Fastest Growing Company.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
