Japan’s telecom carrier Softbank has just launched its SBC Wallet Card (Softbank Card 3.0) which will integrate a Blockchain wallet. The bank card will have the basic features that such cards have as well as other additional functions. Card owners will get to choose between hot and cold wallet functions. The card will also have some unique security features such as Softbank’s proprietary encryption system that uses several encryption mechanisms.
The new Softbank card will serve both as a typical credit card and as a digital wallet which will be a first for the bank. That is not all; it will also integrate the internet of Things (IoT) chips that can connect with smart home appliances. The card will be managed via a special application. Users will easily be able to download the app to handle their transactions. They can download the app to handle their fiat currencies, electronic payment services, credit card functions and digital currencies. By turning on the Wi-Fi module, the card implements a hot wallet, while a cold wallet can be accessed when the Wi-Fi is turned off.
The app is also quite intuitive and information such as fund balance is displayed in real time. The integration of a Blockchain wallet into Softbank’s credit card is great news for the Blockchain space. This is especially since Softbank happens to be the largest company in Japan after Toyota. Softbank has a wide reach across many corporations owning a majority stake in Softbank Corp, Fortress investment group, Arm holdings, Sprint, among others.
The new Softbank cards are already receiving great support from Japanese agents. Having recently launched a payment system that is currently in use in 10,000 Japanese stores, the new card could register a huge win for Blockchain adoption. The bank’s SBC project leader commented about the Blockchain integrated card by saying;
We are not doing simple cards, but are creating a flexible and faster life of the application scene and the future of payment integration. The SBC we built does not close to other encryption cards. You’ll know the black technology only after you used it.