LG Corps is planning to try a blockchain-based payment solution through its cell division, LG U + Korea Times reported. This move will see the mobile phone maker specifically devise a timely solution for international travelers traveling through Taiwan, the United States and Japan. In this agreement, the circulation of funds will be facilitated by the partnership between telecommunications and banks that effectively rivals the services offered by Ripple and its competitor, Stellar.
Cross-border payment solution
The blockchain-based solution, Cross-Paid Payment System (CCPS) will be innovated and implemented by Silicon Valley's TBCASoft using the Rich Communications Service. CCPS has proven to be flexible and, since it works via API, it can be effectively paired with RCS, allowing local and foreign payments without friction but cheap.
" The RCS global messaging standard can also be conveniently used to send a payment.The flexibility of the CCPS blockchain API allows the recipient to use an RCS-based messaging app or service legacy messaging such as SMS or mobile email, to receive person-to-person money transfers (P2P) through the RCS wallet app in the same country "
This service will allow international travelers to subscribe to the network LG + to make payments in foreign countries with settlements made in local currencies through the convenient RCS service. All sales will be made in the local currency of the subscriber.
" Customers will have the advantage of a payment system abroad based on cheap, convenient and secure blockchain technology, and in addition to the payment solution abroad, LG U + will continue to develop new business opportunities with CBSG blockchains and global telecommunications leaders. "
Softbank and Fast EasTone Deal
LG U + already signed a memorandum of understanding with a Japanese bank, Softbank and the mobile phone company Taiwan's Far EasTone with trials initiated at the beginning of 2019. However, to avoid unnecessary reviews for subscribers traveling between Taiwan, South Korea and Japan, EasTone and Softbank customers can use direct billing services without having to compare with additional costs via FX commissions, saving customer billing costs.