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SBI Ripple Asia announces XRP integration within credit card consortium

Dec 29, 2017 Posted /  6407 Views

SBI Ripple Asia announces XRP integration within credit card consortium

The Asia-Pacific community of Ripple and SBI Holdings, known as SBI Ripple Asia Co., Ltd. (SBI Ripple), JCB, Credit Saison Co., Ltd., and Mitsui Sumitomo Card Co., Ltd declared today they would lead and organize a “Consortium of Payment Card Industries using Blockchain Technology.”

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The new credit card consortium has now developed an outstanding payments app powered by Ripple’s blockchain technology that allows real-time payments using a phone number or QR code.

Distributed ledger technology (DLT) has the potential to improve the durability, flexibility, and performance of financial institution systems not only for digital currency use but also for a wide range of applications.

In the card industry consortium established, in addition to digital currency issue and point management, it is expected to be appropriated in various applications such as identity verification, sharing/fraud prevention of unauthorized transactions and single sign-on.

Each card industry company carries out various initiatives associated with  FinTech, the card consortium to be affirmed in January 2018 has the aim of investigating basic cross-cutting technology and building a common foundation for the use of distributed 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.”

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Tags: blockchain technology Payment Card SBI Holdings Ripple and SBI partnership of Ripple distributed ledger

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