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Korean mobile carrier LGU + launches blockchain-based overseas payment system

LG UPlus, a South Korean courier owned by the fourth LG Corp. conglomerate, is launching a blockchain-based overseas cross-carrier payment service, reports the Korea Times on September 16th.

Last Thursday, September 13, LG UPlus had signed a MoU to develop the new service along with three global partners: Far EasTone Telecommunications based in Taiwan, Japanese SoftBank and TBCASoft based in the United States. Through the new service, users of a telecommunications carrier will be able to seamlessly complete transactions on another's payment networks.

According to the Korea Times, the first process of the blockchain-based cross-carrier payment system of LG UPlus partners (CCPS) is scheduled for early 2019.

CCPS will distribute the blockchain to allow a mechanism of rapid regulation in cross-carrier services. This means that users can avoid commissions on credit card transactions abroad and are isolated from the effects of exchange rate fluctuations as they are ultimately billed via their courier into their domestic currency.

For example, the service will allow LG UPlus Korean subscribers buy retail products when they use their mobile phones in Taiwan and Japan, while Far EasTone users in Taiwan will enjoy the same convenience in Korea and Japan.

Ling Wu, founder and CEO of TBCASoft, told the Korea Times that the cross-carrier payment system is the first in a planned series of specific solutions for telecom-specific blockchains, noting that systems designed for "identity and authentication "are later.

Far EasTone, SoftBank and TBCASoft are all initial founding members of the Carrier Blockchain Study Group (CBSG), a global consortium of telecommunications container portfolios launched in late 2017. As reported earlier this summer, CSBG has recently presented the creation of a new blockchain working group that will focus on global remittance services and will add another six major global telecommunications companies to its ranks.

Just last week, Softbank unveiled a new concept demonstration (PoC) in partnership with Synchronoss Technologies and TBCASoft to use CCPS to allow users to perform peer-to-peer money transfers globally using messaging services legacy as SMS and e-mail.

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