SBI seeks ”cashless promotion” with new ”S coin” for settling mobile payment
SBI Group, which stands out in Japanese financial market, now aims cashless system by trialling new "S Coin" for settling payments on mobile. In an official notification released on 25th September, it is mentioned that SBI Holdings, the bank's investment agency has issued settlements with Orb and Glory Corporation leveraging blockchain based "S Coin Platform."
Aim of having ''S Coin''
The Group is now gearing up to conduct the final demonstration of "S coin" so that it can soon find its utilisation on smartphone. The emergence and application of "S Coin'' will provide a greater scope to use the distributed ledger technology [DLT] in the field of payment settlement. The primary objective behind this new digital token is the establishment of a cashless society where retail payments can be settled with the help of mobile phone.
It is interesting to note that SBI Group is the first banking institution of Japan to have and launch its own cryptocurrency trading platform in July, 2018. Likewise, ''S Coin Platform'' of SBI Holdings happens to be a digital token issuance platform . The platform makes it convenient for the users to design and develop their own tokens as per their requirement. Herein, the base part makes use of the distributed ledger technology of Orb with its software applied in the payment sector.
SBI Holdings has brought about the installation of the automatic machine of Glory during the experimentation procedure. This assists in exchanging cash with other digital currencies and also catering to the needs of the users. Following this, the notice states, ''we will promote consideration of electronic currency settlement, such as enabling settlement with Glory's products."
Thus, the three companies - SBI Holdings, Glory and Orb, together can develop a brand new infrastructure for payments settlement. This marks an innovative measure implemented in the technological domain of smartphones. SBI has maintained its activated mode in the crypto space for sometime now.
In this context, the recently occurred substantial event includes Japan's financial services giant harnessing the DLT of Ripple for developing a payment gateway with its availability in Android and iOS devices. Also, earlier in August, the bank's investment of $9 million has favoured the institutional investors for setting up derivatives exchange platform of digital currencies.
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