JCB Debuts NFC-Based Machine-to-Machine Payments

Japanese payments network JCB recently showed off its machine-to-machine payments infrastructure that enables merchants to accept near-field communication (NFC) payments, even when the customer and merchant are both offline, according to a Dec. 13 press release.

JCB’s machine-to-machine payments infrastructure uses NFC, blockchain and self-sovereign identity technology to launch payments processing that ties into Internet of Things (IoT)-equipped devices, smartphones, wearables and other devices.

The company crafted the new payment protocol with Singapore-based blockchain provider Keychain as “the first payment infrastructure for machine-to-machine transactions that supports offline payments using NFC,” the release says.

The system also leverages Keychain’s blockchain and self-sovereign identity technology to address the challenges associated with operating through network outages and cyberattacks.

The release continues that “payments may be conditionally processed even during a double-offline scenario; payment processing consensus may be done over mixed networks simultaneously; and upon network restoration, the offline transactions may be securely repatriated to online in batches.”

Related: ConsenSys Teams With Mastercard to Debut Tool Aimed at Scalability on Ethereum Blockchain

Meanwhile, ethereum blockchain software company ConsenSys has teamed up with Mastercard on a tool used to make blockchain technology scalable on both the Ethereum Mainnet and for private use.

ConsenSys Rollups is a modular software solution for blockchain applications aimed at scalability and privacy that can be connected to any Ethereum Virtual Machine (EVM)-compatible blockchain.

Also Read: Japan to Propose Limiting Stablecoin Issuance

In related news, Japan’s Financial Services Agency (FSA) will propose legislation in 2022 to make it so only banks and wire transfer companies can issue stablecoins.

The FSA says that limiting the stablecoin issuance will help cut down on risks, as banks have to protect customer assets by law. The agency also plans to make more strict regulations to combat money laundering, encompassing additional oversight to wallet providers and others involved in stablecoins.

Japan is likely to debut a new bank digital currency backed by bank deposits sometime in 2022.