Financial Giant SoftBank Breaks Into Crypto Payments, Launches New Bank Card With 10,000 Stores on Board
Tokyo-based SoftBank, a multinational conglomerate holding company, is introducing its own SBC wallet card, “Softbank Card 3.0,” which works like a traditional debit card and has a built-in cryptocurrency wallet.
According to the announcement, the card has been created through a partnership with wallet card development firm Dynamics. SBC wallet cards aim to provide improved security and better accessibility when compared to traditional wallets. The cards have their own encryption system and can perform both hot and cold wallet functions.
The cards are supported by an app that comes with the “legal currency storage function, credit card function and electronic payment service.” These features eliminate the time required for block confirmations when performing digital currency transactions.
“In the version of Softbank Card 3.0, the Wi-Fi function, the fiat and digital currency switching buttons, and the information display screen are integrated. In the Wi-Fi module, the SBC implements a hot wallet when the Wi-Fi function is turned on, and a cold wallet when the Wi-Fi is turned off.”
As the digital economy expands and tech giants push for cashless solutions, they’re backing easy-to-use tools to win long-term consumers whose spending habits are becoming increasingly mobile. Softbank’s strategy is to boost initiatives that can rival Google Pay, Amazon Pay and Facebook.
The tech holding company has stakes in a large portfolio that includes Alibaba, Yahoo Japan and Paytm, India’s biggest digital payments brand. After securing $1 billion in funding from SoftBank and Ant Financial last month, Paytm is moving to dominant the cross-border payments industry in India where it has a first-mover advantage for 1.3 billion people.
The new SBC wallet card is currently available only in Japan where it’s making a push with 10,000 stores. The card is also slated for release in other regions, including the US.
“SBC Wallet Cards have received strong support from well-known local agents, and a payment system for 10,000 stores in Japan has recently been opened, and will be available in the United States, Southeast Asia, South Korea and Dubai. With the SBC Wallet Cards, the Softbank team is making a big break in the blockchain payment arena.”