Japan’s SBI Holdings just announced that it is testing a cryptocurrency to be used for retail purchases. SBI published the news via a press release on its website this morning.
SBI Holdings’ “S Coin”
The news showcases SBI’s test for blockchain’s possibilities within the company. The “S coin” used will be a settlement coin that allows users to charge and settle payments of products on their smartphones.
The translated release reads:
“In this demonstration experiment, for SBI group employees, we will construct a mechanism that allows cashless settlement at ‘eating and drinking establishments’ in Roppongi 1-chome Izumi Garden Tower where SBIH resides, ‘Stamp Certification’. Through this demonstration experiment, I would like to study further possibilities and usefulness of block chain / distribution register technology in settlement field and lead to cashless promotion.”
This new experiment will be conducted by the tech startup Orb and the fintech company Glory. Japan’s SBI Holdings says that it has installed its S coin on an automatic cash machine that was designed by Glory. The platform accepts credit cards and other payment means for its users to top up their smartphone wallets with S coins.
SBI states that the S Coin platform has been specifically designed for the issuance of digital currencies that can be tailored for specific purposes. The press release states that the trio of firms will use this trial to see if it can meet the needs of numerous things envisioned.
Japan’s SBI Holdings Looking Ahead
After the trial, SBI looks to expand and promote the electronic currency settlement. The trio looks to create a cashless society by offering various settlement infrastructures. The company is looking at the shift in the fintech market and how users are using their smartphones more as payment devices, such as with Apple Pay.
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