Over the past week SETL, Deloitte and Metro Bank have completed a series of tests around consumer payment opportunities. SETL has provided a contactless smartcard-enabled blockchain to process digitised payments, Deloitte has exercised its blockchain ID system ‘Smart Identity’ and Metro Bank hosted a connected client account. The system aims to provide instant settlement for and significant reduction in charges compared to credit and debit card schemes, on a highly secure platform.
In an initial test, over 100 users were issued with contactless smartcards and used them to make purchases from merchants equipped with contactless terminals. Consumers and merchant balances were updated in real time with all balances held at Metro Bank.