Blockchain-enabled payments platform Paystand teamed with JCB to provide a digital payment platform for Japanese enterprises and JCB customers.
According to the joint statement issued by the two companies, the proposed solution addresses an enormous gap in the current B2B payment market in Japan and gives the corporate subset of JCB’s 130 million customers an alternative to legacy payment methods, like cash and credit cards.
The B2B payment market in Japan accounts for USD 10 trillion dollars in annual volume but, like many markets, is still dominated by cash transactions. Only 1% of commercial payments in Japan are currently made via credit card and an even smaller fraction are made through technology such as bank transfers.
Paystand’s blockchain-based payment infrastructure records an immutable record of every transaction, eliminating the potential for intentional fraud, while the entire payment experience can be branded and integrated directly into merchants’ existing workflows.
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