Main Points:
- Osaka Expo 2025 will be entirely cashless.
- The “EXPO 2025 Digital Wallet” integrates Web2 and Web3 services.
- Major players like Visa and MasterCard are included.
- Innovative features like facial recognition for payments will be introduced.
- The event is expected to host 28 million visitors, showcasing cutting-edge fintech and blockchain technology.
Cashless Osaka Expo 2025: Accelerating Web3 and Fintech
The Osaka Expo 2025, set to be a fully cashless event, aims to serve as a testing ground for future societal technologies, emphasizing the integration of Web3 and fintech innovations. This ambitious initiative was discussed during the IVS Crypto/JBW Summit, held from July 4 to 6, 2024, in Kyoto. Key stakeholders, including government officials and industry leaders, highlighted the Expo’s potential to revolutionize digital payments and blockchain applications.
Digital Wallet and Payment Innovations
The “EXPO 2025 Digital Wallet” was officially launched on July 1, 2024. This wallet will support over 60 payment brands, including major credit cards like Visa and MasterCard, as well as popular domestic electronic money and QR code payment systems. Unique to the Expo, the digital wallet will feature “Myakupe!”—a proprietary electronic money system provided by the SMBC Group. This system allows for various forms of payments, including QR code transactions and innovative facial recognition technology, which enables purchases without physical cards or smartphones.
Integration of Web2 and Web3 Services
The digital wallet will merge traditional financial services with Web3 functionalities, creating a seamless user experience. One of the standout features is the use of Soulbound Tokens (SBTs) for secure, non-transferable digital assets, provided by HashPort. These SBTs will enable unique digital interactions and content offerings at the Expo. Additionally, the wallet’s recent update introduced financial integration services, including “Myakupe!” and “MyakuMyaku Reward Program,” further enhancing its utility.
Facial Recognition and Reward Programs
Facial recognition for payments is one of the cutting-edge features being introduced at the Expo. Users who pre-register their facial data will be able to make purchases with a simple face scan, eliminating the need for physical payment methods. This technology is aimed at providing a secure and efficient payment experience. The “MyakuMyaku Reward Program” will reward users for their engagement and participation at the Expo, offering various levels of rewards and exclusive experiences.
Future Projections and Impact
The Expo’s focus on cashless transactions and digital innovations is expected to significantly impact Japan’s Web3 and fintech landscape. By demonstrating the practical applications of these technologies, the Expo aims to drive widespread adoption and set a precedent for future digital economies. The event also aims to foster collaboration between large corporations and startups, promoting innovation and new business models in the digital space. The Osaka Expo 2025 is poised to be a landmark event, showcasing the potential of cashless transactions and the integration of Web3 technologies. For investors and stakeholders, particularly those in their 40s looking for new revenue streams and practical blockchain applications, the Expo presents a unique opportunity to explore and engage with the latest advancements in fintech and digital assets. The success of this initiative could set the stage for broader adoption of digital wallets and blockchain technologies in everyday life.
