Japanese blockchain-driven gift-card giant Amaten set to go global
Japanese digital gift-card platform Amaten has set up operations in Dubai as a first step towards globalising its brand.
The firm uses blockchain technology to help retailers avoid financial losses due to poor security on digital gift systems, allowing them to trace gift card use securely upon redemption to be certain they are not compromised. Consumers can also redeem unwanted gift cards to cash, dealing with the issue of unused cards accounting for $1 billion in losses worldwide each year.
Amaten, which was also among the first marketplaces worldwide to accept Bitcoin, is now preparing to allow any merchant to issue gift cards on its platform.
“Amaten has the potential of becoming a monopolistic enterprise and change the gift card for good, because we are solving the last-mile problem between cash and the legacy gift card,” said prominent Japanese IT investor Tom Kanazawa.
“Until recently, it was deemed impossible for the industry to reinvent itself, but as for Amaten, using our blockchain solution built on Aelf, we tackled those structural issues and will ensure a seamless experience for our users and merchants, finally building a true fintech digital product and expanding the industry and its market size even further. This is a true use case for blockchain technology that can be applied right away.”
The global gift card market secured revenues of US$617 billion since last year, a figure expected to grow to $2.7 trillion within seven years along with projected advances into cashless transactions.