[Japanese translation/notes added] Development of a debit card utilizing smart contracts

[2017.4.20] Postscript
It was announced that on 2017.5.2 ICO for an ERC20 token called TokenCard would be carried out. Please check the whitepaper and ICO details onthis official site(English)



-----

Recently, there was news about Bic Camera starting to accept Bitcoin payments, but this time it's about TokenCard, a system that has integrated Visa payments into Ethereum.

I might want this. With TokenCard you could use ERC20 tokens like Golem's GNT, Augur's REP, SingularDTV's SNGLS,ERC20 tokens like those found hereto buy coffee, among other potential uses. Whether or not you actually use it is another matter, but it’s an interesting world.

It seems a team at Monolith Studio is working on this, and from their official site I’ve pulled out a portion and translated an official blog post that explains TokenCard a bit more. Now, let's read and see what it’s about.

Developing a smart-contract-based debit card

TokenCard will introduce Visa payment systems to Ethereum. The debit card returns control to the user, provides a multifunction platform, and enhances security, marking a one-generation leap from traditional cards.

TokenCard is backed by individual smart contracts. This enables Ether and other ERC20-compliant tokens to be used. Through such smart contracts, users can keep their deposits under their own control without sacrificing usability.

Fees for licenses are included within each smart contract and are billed directly to the TokenCard payment account whenever the card is used.

Utilizing smart contracts

TokenCard integrates Ethereum smart contracts with Visa payments. This enables a host of innovative features that are unlike any other product. As a result, security and user control have improved, making TokenCard a strong candidate to become one of the most widely used debit cards in the world.

At its core, TokenCard uses personal smart contracts instead of a funds management infrastructure. These contracts function as asymmetric escrows, allowing users to retain control of their deposits. Deductions for card usage from these contracts are performed according to the conditions set by the user.