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JCB tests in-store CBDC payments

Japanese payments giant JCB is embarking on a central bank digital currency pilot with Tokyo merchants.

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JCB tests in-store CBDC payments

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

With Japan's central bank investigating the rollout of a CBDC, JCB has joined forces with identity specialist Idemia and fintech Soft Space to investigate how any digital yen would work in stores.

The card firm is developing a JCBDC (JCB Digital Currency) that will be tested into next year using existing JCB contactless cards at merchant POS terminals.

Koremitsu Sannomiya, board member, JCB, says: "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."

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