JCB Partners with Paystand to Revolutionize B2B Payments in Japan with Blockchain

JCB’s Bold Move in the B2B Payment Space

Japan Credit Bureau (JCB), the nation’s leading credit card issuer, is stepping into the future by collaborating with the blockchain-based platform, Paystand. Together, they are embarking on a mission to redesign the business-to-business (B2B) payment landscape in Japan. The two companies signed a Memorandum of Understanding (MoU) to develop a cutting-edge digital payment platform tailored to enterprises and consumers.

Addressing the Old-School Payment Culture

The B2B payment market in Japan is a staggering $10 trillion, yet it remains stubbornly attached to cash transactions and antiquated “pre-internet technology.” As it stands, only a mere 1% of commercial payments are executed using credit cards, according to Paystand’s CEO Jeremy Almond. This partnership aims to slice through the red tape of costs and delays, essentially taking the chopstick to the sushi of inefficiency!

The Tax Hike Twist

In addition to enhancing efficiency, the new payment system also intends to tackle challenges stemming from Japan’s consumption tax hike enacted in October 2019. Companies grappling with tax-related complexities will hopefully find a sigh of relief with this modern tool on the horizon.

Aiming for an Asian Market Invasion

Paystand’s expansion into Asia represents a significant pivot for this innovative payment solution. With over 150,000 entities already benefiting from its services across North America, the firm is ready to make a splash in Japan, where JCB boasts a vast customer base of approximately 130 million people. That’s what we call a robust potential customer dream team!

Blockchain Innovation on the Horizon

JCB is no stranger to blockchain initiatives; having previously worked on technology to connect different blockchain networks to optimize efficiency, JCB seems poised to integrate this emerging technology into their broader strategy. As reported back in 2018, such advancements could help handle trafficking issues related to heavy network loads – a must in today’s fast-paced financial landscape.

In conclusion, as JCB teams up with Paystand, we anticipate a transformative wave in Japan’s B2B payments market. If successful, this could just be the digital revolution Japan has been waiting for, with its cash-stuffed wallets finally swapping for sleek digital solutions.