JCB, one of the best credit card companies in Japan, will be working with blockchain technology soon, according to a report from CoinTelegraph. These clients will work with multiple businesses in establishing blockchain networks.
The group has signed what is called a Memorandum of Understanding (MoU) with Paystand, a blockchain startup, in order to save money and streamline offerings in whatever way they’d need.
The focus will be on smaller and medium-sized businesses in Japan, it seems. That, and they want to work with blockchain due to help with increasing taxes.
According to a press release from the startup, translated from Japanese, an invoice system will be put into place as well:
“From October 2023, an invoice system (qualified invoice storage system) ( *) Will be introduced. As business processes become more complex, the need for digitization and cashlessness in the B2B payment market is expected to increase in the future. JCB and Paystand aim to realize a payment service that is beneficial to both suppliers and buyers by providing a convenient and low-cost B2B payment platform that responds to such complex business processes.”
Paystand has experience in multiple countries around the world, such as the United States, Mexico, and Canada. From there, the group is looking to move to expand to Europe and Asia, and part of the start of that expansion is Japan.