SBI Group, one of the popular financial services company in Japan declared that it is testing a crypto token which can be used for retail payments over mobile devices.
The group’s investment arm, SBI Holdings, which was released in Japan’s first bank-backed crypto exchange in June stated in a press release Tuesday that it is experimenting with “S coin” token which is based on distributed ledger technology (DLT).
Providing details about the S coin also known as “settlement coin”, SBI Holdings’s lead Mamoru Fujimoto and Yoshitaka Kitao, president of the company, jointly said the token will enable charging and settlement over user’s smartphone.
In the experiment phase, employees of the firm will use the S coin’s mechanism which enables cash-free transactions at various restaurants and cafes located near the company.
As a part of the experiment, SBI Holdings installed an automatic machine from Glory on S-coin platform. Glory develops and operates cash devices. Trial users will utilize the machine to top-up their credit card and other purposes, and then “S Coins” are sent to their devices via a mechanism developed by SBI.
It is expected that all the future products developed around the S Coin Platform might be distributed in combination with Glory, which had total assets of about $3 billion as per the financial report, saying:
“By doing this, we exchange cash with various electronic currencies and verify whether we can meet the needs of various users envisioned. After that, we will promote consideration of electronic currency settlement, such as enabling settlement with Glory’s products.”
The system is also created to generate opportunities and use cases for DLT.
S Coin Platform is a publishing platform for the digital currency, etc. build by SBI Holdings. The platform is developed using Distributed Ledger Technology with the support of tech startup known as Orb. The platform allows you to design as well as publish your own cryptocurrency based on the specific application.
SBIH, Glory, and Orb jointly will develop a cash-free society by providing various settlement infrastructure, looking at the fintech market formed by changes in user’s payment devices and technological advancements made by the contribution of smartphones.