JCB Co., Ltd., Japan’s only international payment brand, and NTT Communications Corporation (NTT Com), the ICT solutions and international communications business within the NTT Group, announced today that they will conduct a demonstration test for JCB Mobile Wallet (tentative name), a one-of-a-kind feature that guarantees the original foreign currency exchange rates for a certain period. JCB and NTT Com personnel will participate in the test, which will be conducted until the end of November, prior to the scheduled launch of commercial services in Japan and other Asian markets next year.
The multifunctional app, which enables users to instantly create JCB brand virtual prepaid cards, provides a range of useful services, including cashless payments, mobile remittances, account settings and map-based searches for JCB merchants, for the convenience of international students, businesspeople and international residents in Japan. Features include:
Users can exchange home currency to 22 other currencies, with the choice of either a real-time rate or a guaranteed period rate. Guaranteed period rates are a one-of-a-kind feature. Any currency not used within fourteen days is exchanged back at the original rate.
Multiple sub-accounts are offered for families and businesses. For example, a parent could charge up the sub-account of a child studying abroad with money whenever needed, 24/7. For corporate accounts, companies can easily manage the balance of sub-accounts when employees travel overseas on business.
Many useful services are bundled with the app, such as reserving restaurants and taxis.
The demonstration will be used to confirm the functionality and practicality of the app’s user interface and user experience for various functions and services developed by JCB and NTT Com. It will also test NTT Com’s system for the Home Currency Anywhere®, which manages rate-guaranteed foreign currency information comprehensively and quickly by leveraging NTT Com’s API Gateway as a Service to centrally manage the APIs of Home Currency Anywhere® and other services.
The new app will be compatible with mobile contactless payment systems and other payment environments in many countries and regions using Near Field Communication, QR codes and linkage to credit cards.
In the future, expanded functionality will be realized through the planned incorporation of NTT Com’s Wallet Exchange® service to enable online transfer and management of electronic money in various currencies. Also, the measures will be incorporated to ensure that JCB Mobile Wallet offers robust security for customer transactions.