SoftBank initiative aims to blockchainify mobile payments across the globe

Ceria Alfonso
Setiembre 14, 2018

Through the platform, people will also be able to carry out direct purchases through the Rich Communications Service (RCS) wallet which is an app being developed by Softbank or even though email.

Japanese operator SoftBank, Synchronoss Technologies, and TBCASoft have partnered on a Proof of Concept (PoC) for a new cross-carrier mobile payments service based on the Rich Communications Service (RCS) global messaging standard and TBCASoft's cross-carrier blockchain platform. The platform allows users to complete purchases in-store, on mobile and digitally, including in local currencies, with global compatibility across carriers.

"This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver", said Softbank's Vice President, Takeshi Fukuizumi. It is one of its kinds of payment services platform which is based on the Rich Communication Services (RCS) and TBCASoft's cross-carrier blockchain platform. For example, Japan-based users can travel to the U.S. and make payments with dollars during their stay there.

SoftBank, Synchronoss and TBCASoft will demonstrate this mobile payments service PoC at the Mobile World Congress Americas conference, which takes place from 12 to 14 September in Los Angeles. The messaging system makes easy to send payments and - in turn - for recipients to receive person-to-person (P2P) money transfers through the app-which is especially useful for those traveling overseas.

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The group's effort comes a year after the three firms, along with several major global carriers, formed a Blockchain Study Group. Leveraging the innovative technologies of other SoftBank Group companies, SoftBank Corp.is also expanding into AI, smart robotics, IoT, FinTech, cloud security and other business sectors. The API will enable a messaging app based on RCS to receive money via the RCS wallet app. It is utilized for worldwide mobile payment services across global telecommunications carriers.

Fukuizumi added the company hopes that the new mobile payment service will give its customers more opportunities when it comes to their spending and traveling habits. To learn more, please visit www.SoftBank.jp/en/corp/group/sbm/. The goal of the group is to develop Cross-Carrier Payment Service (CCPS), a cross-carrier blockchain payments solution that was implemented through the PoC. The funds are tracked and recorded on the blockchain-based platform.

According to Synchronoss CEO and president Glenn Lurie, the upcoming blockchain-powered RCS mobile service will disrupt the current messaging and payments market.

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