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 * Banking & Payments DECODED
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BANKING & PAYMENTS DECODED

Latest edition: 13 Dec 2023
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JCB DIGITAL CURRENCY PROJECT ENTERS PHASE 2

JCB has launched the JCBDC (JCB Digital Currency) Phase 2 pilot project. The
project is a collaborative effort between JCB, IDEMIA and Soft Space. In Phase 1
of the JCBDC project, the three companies developed a CBDC (Central Bank Digital
Currency) payment solution, enabling merchants to accept CBDC without the need
to modify their POS terminals and payment cards. This solution was successfully
piloted in Tokyo in 2023, which has enabled JCB, IDEMIA, and Soft Space to
proceed to the next phase of the project.

In Phase 2 of the JCBCD project, customers will be able to transfer CBDC funds
from one person to another person using their cards and mobile phones even
without internet connectivity. These offline P2P fund transfers can either be
done from one card to another with a mobile NFC device as an intermediary, or
from one mobile NFC device to another mobile NFC device directly. This project
is compliant with the open WLA (White Label Alliance) payment standard and using
secure elements to ensure optimal security.

Consumers can send CBDC funds offline by tapping one person’s card to another
person’s mobile NFC device. Then another person can tap their card to their
mobile NFC phone to receive CBDC funds. Such a stored-value card (SVC) is used
to securely store and transfer offline CBDC funds, thus acting as a digital
version of cash in lieu of paper banknotes.

Another option for consumers is to transfer CBDC funds offline by tapping their
mobile NFC device to another person’s mobile NFC device. Both payer’s and
payee’s mobile NFC devices operate off the network when CBDC funds are sent and
received.


JCBDC PROJECT FOCUSES ON CONVENIENCE AND SECURITY

For this project, IDEMIA and Soft Space provided the tokenisation back-end
server, mobile wallet application, card application and SoftPOS solution, as
well as all necessary APIs and SDKs for system and application integration
purposes. The project uses IDEMIA's protocol, the industry standard for Offline
CBDC Payments, and leverages on Soft Space’s expertise in contactless payments.

This JCBDC project is aimed at ensuring that CBDC fund transfers can be done
securely and conveniently, at any time, with or without Internet connectivity,
with an immediate guarantee of fund availability. JCB, IDEMIA and Soft Space
will implement the second phase of the project and conduct a pilot in early
2024.

Koremitsu Sannomiya, Board Member, Senior Executive Officer of JCB: “It gives me
great honour to announce our collaboration with IDEMIA and Soft Space on this
Phase 2 project continuing from Phase1. This project proves that we can use
offline P2P funds transfer for new CBDC payment systems, which is a huge benefit
for consumers in wide range of generations.”






ESG 2.0

Policy changes and regulations, that fall largely under the environmental
segment of ESG, will have a transformational impact that will be felt by
businesses across most sectors. Consult our Thematic Intelligence report, ESG
2.0, to find all the info...

View more


THE EVOLUTION OF CONSUMER MEGA-TRENDS OVER TIME

Join our analysts as they combine GlobalData’s TrendSights framework with our
primary consumer research to discuss the relevance of the mega-trends dominating
the consumer goods market. Don’t miss out on key insights – register today!

Register


IN OUR PREVIOUS EDITION

Banking & Payments Decoded



12 Dec 2023

Banking & Payments Decoded

THE FUTURE OF PAYMENTS: INTEGRATING SOCIAL COMMERCE, E-WALLETS AND DIGITAL
MARKETING IN 2024

11 Dec 2023

Banking & Payments Decoded

THE “AGEING” EUROPE: WHAT TRENDS WILL SHAPE WEALTH MANAGEMENT FOR HNW INVESTORS

08 Dec 2023


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NEWSLETTERS IN OTHER SECTORS

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Fashion supply chain's bad reputation need not be its destiny in 2024
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Consumer

Pernod Ricard launches first China-made whisky
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Foodservice

Chicken Salad Chick to open new restaurant in Alabama, US
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Healthcare

Construction underway on Joondalup Health Campus public ward block
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Insurance

Aon to divest Dutch personal lines business to BlackFin Capital
13 Dec 2023

Medical Devices

Freenome launches lung cancer trial ahead of FDA approval bid
13 Dec 2023

Mining

Global Stocktake text signalling ‘end of fossil fuels' is adopted at COP28
13 Dec 2023

Oil & Gas

Global Stocktake text signalling ‘end of fossil fuels' is adopted at COP28
13 Dec 2023

Packaging

US researchers use biopolymers to replace synthetic plastic films
13 Dec 2023

Pharma

Pfizer obtains regulatory approvals for$43bnSeagen acquisition
13 Dec 2023

Power

Brazilian biofuels look for an opening at COP28
13 Dec 2023

Retail

US retail sales grew 0.77% in November 2023
13 Dec 2023

Sport

BCCI issues IPL title sponsorship tender for 2024-28 cycle
13 Dec 2023

Technology

Google loses antitrust battle with Fortnite creator Epic Games
13 Dec 2023

Travel and Tourism

Millennium Hotels and Resorts launches sustainability drive
13 Dec 2023


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