In the card industry consortium established, in addition to virtual currency issue and point management, it is expected to be utilized in various applications such as identity verification, sharing/fraud prevention of illegal transactions and single sign-on.
The consortium’s new payments app powered by Ripple’s blockchain technology enables real-time payments using a phone number or QR code.
Distributed LEDGER technology (DLT) has the potential to enhance the stability, flexibility, and efficiency of financial institution systems not only for virtual currency use but also for a wide range of applications.
Each card industry company carries out various initiatives related to FinTech, the card consortium to be established in January 2018, has the aim of researching basic cross-cutting technology and establishing a common foundation for the diversification ledger technology. It will also investigate new financial infrastructure utilizing advanced technology such as artificial intelligence.
SBI Ripple said:
“We actively promote partnerships with companies with advanced technology in Japan and overseas to realize more efficient work of participating companies, realize a highly convenient payment environment through improvement of user experience, etc., a society based on a cashless society We will try to reduce costs and improve productivity.”
