Japan’s largest payments system JCB, in collaboration with IDEMIA and Softspace will test the possibility of applying existing credit-card infrastructure for payments in CBDC.
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The project has been named JCBDC. Platform testing is due to start by the end of March 2023, with development expected by the end of this year.
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It will consist of three main directions:
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- solutions for contactless payments;
- issuance and provisioning of plastic cards;
- simulation of the digital yen working environment.
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In later stages, tests of mobile payments and QR codes are expected to be added.
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In the autumn, Shin’ichi Uchida, the regulator’s managing director, doubted CBDC’s being the sole solution to the digitisation of payments.
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Later, Bank of Japan Governor Haruhiko Kuroda said that the decision on launching the digital yen will be made by 2026 after consultations with the government and the private sector.
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