JCB and Paystand have agreed to create the first end-to-end payment solution for Japanese companies. While Paystand is a blockchain-enabled commercial payment service provider, JCB Co is a Japan-based credit card company. This proposed payment solution is likely to address the Japanese customers and companies by providing them with alternative payment methods apart from cash and card.
JCB and Paystand Collaboration to Ease Payment Issues
Paystand CEO, Jeremy Almond said, “The challenges faced by B2B companies across the world are similar. They are burdened by a commercial payment infrastructured mired in pre-internet technology.” He further discussed his excitement for this partnership between JCB and Paystand and bringing a better payment experience for customers in Asia and Japan. JCB alone has a customer base of 130 million, who are benefitting from this venture. This joint initiative will dramatically improve the payment experience for both buyers and sellers.
The annual Japanese B2B payment market accounts for $10 trillion. However, unlike all other markets, cash transactions continue to dominate it. Cards account for only 1% of all transactions while bank transfers make up for a small fraction of deals. The modern B2B payment solution will ensure:
- Reduced risk of errors and frauds on the transaction.
- Easy and expeditious payment procedure.
- Frictionless and smooth payment experience.
With an intent to accelerate its product development and support digital payment transformations, Paystand has expanded its business in Mexico, Canada, and Asia. This initiative will allow the Japanese companies to keep up with today’s payment technologies and manage their finances with much ease. Paystand is one of the leading commercial payment platform providers whose mission is to bring digital transformation in the traditional cash-cycle of Japan. With its blockchain-based technology, it helps businesses through blockchain analysis in transforming their entire payment cycle and provide a better payment experience. Thus, the collaboration between JCB and Paystand is likely to ease the payment issues that B2B companies currently face.