[NEWS] Miyazaki City issues "Tegeuma Pay," a premium electronic food and drink voucher that utilizes blockchain

On the 9th, Machinowa announced that it has been entrusted with a new business of providing premium electronic food and drink vouchers to Miyazaki City through a platform that supports the issuance of the service it provides, "premium electronic gift certificates."

Machinowa's information platform will allow Miyazaki City to issue premium electronic food and drink vouchers under the name "Tegeuma Pay." This initiative will be managed in partnership between Machinowa and Miyazaki Bank.

Tegeuma Pay has already been launched. The total amount issued is 1.755 billion yen, and the total amount sold is 1.35 billion yen, including a premium rate of 30%. The unit of sale is 10,000 yen, and the face value with the premium is 13,000 yen. The period of use is until December 28th.

The information platform provided by Machinowa has been provided to many local governments throughout the country, mainly in Kyushu. Miyazaki City will be the 90th area to which it has been provided.

The service has been provided mainly in Fukuoka Prefecture, including Dazaifu City, Miyawaka City, Kitakyushu City, and Yanagawa City, but also in other prefectures such as Yamagata Prefecture, Hyogo Prefecture, Oita Prefecture, Nagasaki Prefecture, Aichi Prefecture, Saga Prefecture, Kagoshima Prefecture, Ibaraki Prefecture, and Wakayama Prefecture.

Machinowa is a joint venture between SBI Holdings, Kyushu Electric Power, and Fukuoka's regional bank Chikuho Bank. The platform provided by Machinowa is based on Corda, an enterprise blockchain developed by the US company R3. Corda is sold and supported in Japan by SBI subsidiary SBI R3 Japan.

Premium food and beverage vouchers are issued electronically using blockchain and distributed ledger technology, allowing users to complete the entire process from application to purchase and payment using a smartphone app.

Machinowa also explains that "Compared to traditional paper issuance, it will be possible to streamline the procedures required for issuing gift certificates and settlement at affiliated stores, and it will also revitalize the local economy and improve user convenience in a way that adapts to the post-COVID society, such as preventing congestion at the time of purchase and redemption."

The company says it will continue to work on regional revitalization and revitalization using its information platform.

Reference:Announcement
Image: Shutterstock

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