JCB, a Japan-based credit card and payments company, has teamed up with TECHFUND, a technology startup accelerator, to build a payment system using blockchain.
TECHFUND has some existing blockchain initiatives which may or may not be relevant to the planned payments platform, according to Ledger Insights. For instance, the accelerator helps entrepreneurs with security token offerings and has a blockchain as a service platform to enable startups to create blockchain applications faster using Ethereum, NEO, List, and NEM.
JCB is a large credit card issuing companies in Japan and with net revenues of USD 2.8 billion in FY 2018. As of March 2019, JCB cards can be used in 23 countries. The payments company has previously announced two other blockchain initiatives. In December 2019, it partnered with US payments company Paystand for a B2B payments system.
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