Japanese-based financial services company, SBI Group, revealed in a press release on Tuesday, September 25, that it will be undergoing tests to see the potential crypto tokens have in settlement processes via smartphone devices. The crypto token has since been dubbed, “S Coin” and the experimentations will be done with the help of SBI group employees, notes the press release.
More details as to how the firm plans to arrive to a solid conclusion was shared. In particular, the team involved will be creating a mechanism that, as per the translation, “allows cashless settlement at eating and drinking establishments” at the Roppongi 1-chome Izumi Garden Tower. This is supposedly only the initial step that will give the firm a better idea as to the potential blockchain technology and the distributed ledger (DLT) has as well as its real use cases.
The S Coin will be based off a platform that the firm’s investment subdivision, SBI Holdings created themselves called the “S Coin Platform”. The platform was established with the intentions of allowing users to create and publish one’s respective digital currency. An example given by the firm is that of “electronic money of prepaid payment means”.
The efforts in place are not solely that of SBI Holdings as Orb Corporation has been mentioned as the provider of the DLT as well as Glory Corporation’s automatic, cash handling machines, which will serve as the mechanism that will issue payments.
All three firms are based in Japan, with Orb’s main focus revolving around R&D of the DLT and establishing new markets. On the other hand, we have Glory, a firm known for using cutting edge technology to create cash handling machines that serves within diverse industries such as financial, retail, gaming, and vending machines.
Over the long run, the team believes that the trio can create a cashless society in which different industries can attain benefits. In particular, some of their long term, positive impacts include
“offering various settlement infrastructure, looking to FinTech market created by changes in users’ payment devices and technological innovation accompanying the spread of smartphones.”