Japan tries token for retail purchases
SBI Holdings, a financial services giant in Japan, is testing crypto to make retail purchases using a smartphone
SBI made the announcement accompanied by technology companies such as Orb and Glory. They indicated that the company is ready to check its new token S coin, which is defined as a settlement currency which allows to collect and settle coins using a smartphone.
The company argues that the S coin platform has been designed to issue virtual currencies that can be adapted for private purposes and is based on the technology of distributed general ledger (DLT) developed by Orb.
The three companies state that a test will be conducted to verify if they can meet the needs of different users. For the test SBI employees will use the platform to buy, without cash, in cafes and restaurants located in the consortium’s facilities.
For the test, Glory designed an ATM and SBI installed the S coin tool on it. The cashier accepts credit cards and other means of payment for users to recharge the balances of their smartphone wallets.
It is important to remember that SBI opened this summer its own crypto bag, called “VCTRADE“. Therefore, it can be said that the company has been carrying out a massive test of the settlement system in real time.
L.Sáenz
Source: Cointelegraph
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