The news of the S Coin came in the Tuesday’s statement, when SBI unveiled that the trial for the digital currency, created in collaboration with Orb and Glory Corporation, which provides the distributed ledger technology, is scheduled for this year’s October and onwards, as the firm intends to establish a cashless platform for transactions within Japan.
As per the announcement, the S Coin will facilitate payments using a smartphone. The tests will start with experiment to be carried out by the SBI Group staff, who would try out the cashless payment system by using the S Coin to settle catering services. The findings of the trials will allow the firm to assess the potential and usability of blockchain innovations and the distributed ledger technologies in payments processing as part of its intentions to establish a cashless environment.
The experiment will see the integration of SBI’s S Coin with Glory’s network of teller machines. The token will also become linked to credit cards and dedicated digital wallets. With help of this framework, the S Coin would become useful for settling a wide array of transactions just by managing the funds using a smartphone application. The experiment findings will also precisely assess the customers’ needs, and the ways for the S Coin to satisfy them.