Published: Fri, September 14, 2018
Industry | By Terrell Bush

Softbank builds blockchain platform enabling global payments on mobiles

Softbank builds blockchain platform enabling global payments on mobiles

The platform launched earlier this year.

SoftBank (TSE:9984) has collaborated with two other Japanese companies on a cross-carrier mobile payment solution based on blockchain technology, it announced on Wednesday (September 12). The platform allows users to complete purchases in-store, on mobile and digitally, including in local currencies, with global compatibility across carriers. For example, Japan-based users can travel to the USA and make payments with dollars during their stay there.

The CCPS blockchain API enables a recipient to use legacy messaging services such as mobile email or SMS for receiving P2P money transfers via the RCS app, whether in the same country or from overseas.

Commenting on the innovative payment service app, the vice president of Softbank Corp "Takeshi Fukuizumi" said that the app would empower the merchants to transact in digital money in a way similar to the one that has for always been enjoyed by the big brands.

"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers".

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RCS, a global messaging standard, can be understood as the next generation of text messaging, as TechCrunch explains.

The founder and CEO of TBCASoft, Ling Wu, said that more communication service providers are looking to blockchain technology for new features and services, such as secured clearing and settlement, personal authentication and IoT applications. They have been working together to deliver a cross-carrier blockchain platform called Cross-Carrier Payment Service (CCPS), which facilitates global mobile payment services among global telecommunication carriers.

The PoC for the mobile payments system will be showcased at the Mobile World Congress Americas conference that will be held in Los Angeles this week. The activity involved the partnering firms jointly creating the blockchain-based PoC, which integrates RCS with a distributed blockchain-based network deployed across multiple telecom carriers. In association with blockchain, it planned to build this RCS among mobile carriers.

The former provides services on Internet of Things [IoT], messaging, cloud and is a digital platform, as well.

Glenn Lurie, Synchronoss CEO and President, said that new cutting edge technologies, such as blockchain and RCS, will disrupt the current messaging and payments market, creating new opportunities for customers, brands, and businesses, and will also drive incremental revenue for operators from messaging. For more information, visit us at www.synchronoss.com.

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