Japan-based international payment brand, JCB, has launched the JCBDC (JCB Digital Currency) Phase 2 pilot project together with IDEMIA and Soft Space.
In Phase 1 of the JCBDC project, JCB, IDEMIA, and Soft Space developed a CBDC payment solution, enabling merchants to accept CBDC without the need to modify their POS terminals and payment cards. As reported in the official announcement, this solution was successfully piloted in Japan in 2023, which has enabled the companies to proceed to the next phase of the project.
In one option, consumers are able to send CBDC funds offline by tapping one person’s card to another person’s mobile NFC device. Then another person can tap their card to their mobile NFC phone to receive CBDC funds. Such a stored-value card (SVC) is used to securely store and transfer offline CBDC funds, thus acting as a digital version of cash instead of paper banknotes.
The second option is for consumers to transfer CBDC funds offline by tapping their mobile NFC device to another person’s mobile NFC device. Both payer’s and payee’s mobile NFC devices operate off the network when CBDC funds are sent and received.
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