Japan’s JCB in Advanced Talks with Soft Space to Launch Contactless Cards
Financial transactions however is far from a standstill and the same is being rightly propelled by contactless payment options. It is crucial to comprehend the role of COVID-19 in steering fast track reliance on digital payments. The global pandemic has in several ways ruptured the complete supply chain infrastructure, adversely affecting businesses such as manufacturing industry, coupled with negative implications on consumer tendencies and buying behavior.
According to several speculations and expert analysis, currency notes and hard cash can amply contribute as major carriers of the disease-causing virus. Governments across the globe are significantly discouraging any form of cash transactions that might encourage physical proximity and escalate contacts.This certainly paves way for sturdy and robust digital transaction models, setting the grounds for digital payments and cashless transactions.
Large scale demands for essentials amidst lockdown are aggressively pushing businesses and consumers to bank exorbitantly on digital payment modules.
The adoption of digital payment models is also related to partial functioning of the banks and financial institutions which are also labelled as vulnerable hotspots, thus operating partially with bare minimum manpower, making it practically tedious to ensure cash deposits in the bank accounts.
Lately, amidst a staggering global economy struck by global pandemic, Japan based JCB payment brand is in advanced talks with fintech veteran, Soft Space to develop and promote Tap on Mobile program compatible with Android based smartphones that enable near field communication functionalities.
With this development in place, JCB contactless card can be seamlessly used on smartphones and smart devices, thus pushing adoption of JCB contactless cards amongst clients worldwide. The uniquely designed Tap on Mobile program is specifically designed to monitor error-free contactless payments across NFC based smart devices. The current situation of global lockdown and social distancing are likely to be blessings in disguise for JCB contactless payment model.