The Taipei Fubon Commercial Bank, a private commercial Taiwanese bank, has reportedly launched a blockchain-powered payments system for retail usage, a first in the country.
According to a local report by the Taipei Times, the private-sector bank announced the deployment of the payment system for local restaurants and merchants on Sunday after commencing development of the platform in March 2017. Specifically, the bank is rolling out the blockchain payments system in merchant establishments and eateries near theNational Chengchi University, a national research university based in the country’s capital.
The bank first inked a partnership with the university in March 2017, announcing a joint-project dubbed the ‘Key Technology and Engineering R&D for Blockchain Payment Network’. During trials at the university’s own campus, the blockchain payment platform helped transaction volumes among participating merchants selling lunch-time meals to students grow four-fold.