Japan’s SBI Holdings Unveils ’S Coin’ Crypto Tokens For Mobile Retail Payments
Japan’s biggest banking giant SBI Holdings announced the plan to launch the ’S Coin’ Crypto tokens to be used for mobile retail payments. The new crypto coin is prepared by the joint partnership between Glory corporation and DLT provide Orb.
Next month in October 2018, S Coin will enter into a testing phase while allowing charging and settlements of transactions through smartphone, the company said. The initial testing and experimentation will be done internally among SBI Group employees and using S Coin in restaurants present in the SBI’s Roppongi Izumi Garden Tower headquarters.
The company says that this is projects aiming to promote cashless transactions. The company is willing to understand the user response for using DLT-based transaction settlements. SBI Holdings said that it will integrate Glory’s ATM network with the S-coin platform. Additionally, the platform will also be linked to the S-Coin wallets and credit cards.
The S-Coin platform will also facilitate seamless exchange of S-Coin tokens with fiat currency. It will also streamline the processing of S-Coin transactions done through the smartphone.
A translated excerpt from the statement reads: ”‘S Coin Platform’ is an issuing platform for digital currency etc. developed by SBIH. You can design and publish your own digital currency according to your application, such as electronic money of prepaid payment means. The base part utilizes Orb DLT, which is a distributed ledger technology provided by Orb, which has key expertise and foundation software related to the blockchain-aided payment field.”
On successful completion of the trial, SBI Holdings will proceed towards full-scale implementation of the project across the nation. The banking giant has been putting consistent efforts for moving towards a cashless finance ecosystem.
Above all, the S-Coin platform will also be used as an issuance platform for the digital tokens. It will also allow users to develop their own bespoke customized tokens using Orb’s DLT technology. there is enough possibility that just like Ethereum, the S-Coin platform can be used to develop several tokens for mobile payment system using the existing infrastructure.
SBI Holdings has remained in close association with the crypto industry. Earlier this year in April 2018, the company expressed its desire to launch a crypto-exchange but later put it plans on holds due to the regulatory restructuring in the Japanese cryptocurrency market.