The place of SBI Holdings in Japanese Banking system cannot be overemphasized as it plays a significant role owing to its customer base. SBI has announced the launch of a crypto token ‘S Coin’ for mobile Retail Payments.
This announcement was made on Tuesday as SBI revealed its project which is birthed by the partnership with DLT provider Orb and Glory Corporation and that the trial would commence in October 2018 in the company’s bid to go cashless.
The Proposed S Coin
The news statement revealed the company’s intention to use the S Coin as a means to charge and settle transactions through a smartphone. The commencement of trial will translate into an experiment with SBI Group employees where the cashless system would be tested by using the token with restaurants in SBI’s Roppongi Izumi Garden Tower headquarters in order to fully discover the inherent potentials of the blockchain and DLT in the payment system.
The experiment is planned to involve the integration of Glory’s ATM network with the S-coin platform which is already connected to credit cards and S Coin Wallets. This arrangement would make it possible for the S Coin to serve a wider range of purposes seamlessly. The primary aim of this experiment is to answer the question of; what do consumers need? The translated announcement states:
“S Coin Platform’ is an issuing platform for digital currency etc. developed by SBIH. You can design and publish your own digital currency according to your application, such as electronic money of prepaid payment means. The base part utilizes Orb DLT, which is a distributed ledger technology provided by Orb, which has key expertise and foundation software related to the blockchain-aided payment field.”
A New Beginning with S Coin
The success of the S Coin trial would not only mark the beginning of a new dawn in blockchain technology ecosystem but also give room to wider adoption of the blockchain technology in payment settlement in the country coupled with the fact that SBI would stay relevant as far as cashless policy is concerned.
Also, the S Coin platform will serve as an issuance platform for cryptocurrencies as it would make it possible for different users to develop their boutique tokens to cater for their need using Orb’s DLT technology.
Previous reports have shown that SBI keeps making moves to delve into the blockchain and crypto ecosystem: In October 2017, the company launched its tradeable digital currency for peer-to-peer payments. Earlier in 2018, it was reported that the banking giant launched its own cryptocurrency trading platform.