SBI Ripple Asia has signed a partnership agreement with some of the largest credit card companies in Japan in a bid to bring Ripple’s enterprise blockchain solutions to the Japanese market of payment cards.
The Asian branch of the California-based and New York-regulated firm Ripple Labs announced the creation of the ‘Credit Card Industry Consortium’, that aims to enable round-the-clock settlement at a significant cost reduction to its members and their consumers.
Given the participating companies’ market dominance, this announcement marks a major milestone for the blockchain industry – one that is expected to spur increased user adoption.
The consortium will initially be composed of three major credit card providers including JCB, Sumitomo Mitsui Card and Credit Saison. This significant industry milestone will materially improve the user experience and make it easier than ever for mainstream consumers and businesses to tap into the Ripple ecosystem.
In order to realize that vision, the new consortium has already developed a new payment app that tapped Ripple’s technology to enable nearly instantaneous funding transactions without compromising user security or control.
SBI Ripple Asia was formed last year and already manages a consortium of more than 60 Japanese banks who leverage Ripple’s blockchain technology for instant payments and settlement. The consortium has grown to currently include mega-banks such as Sumitomo Mitsui Banking Corporation (SMBC), MUFG and Mizuho.