Today JCB, the Japanese card payment network, announced a central bank digital currency (CBDC) proof of concept, JCBDC, with IDEMIA and Malaysia fintech Soft Space. The aim is to demonstrate that CBDC can be used with existing payment cards and payment infrastructure. Tokyo merchants will test the solution during the first three months of 2023.
JCB also announced a second project for machine-to-machine (M2M) offline payments, which could potentially be used for CBDC.
For the first project, Soft Space has an application, ‘Tap on Mobile’, that enables mobile phones to act as point-of-sale terminals with debit and credit cards. Hence CBDC payments using payment cards will be routed through the conventional card network and eventually to JCB’s blockchain-based CBDC network.
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