LG's mobile wing, LG U +, is now working to provide cross-border art-based payment solutions such as Ripple (XRP), Stellar (XLM) and Swift have done.
According to an article in The Korea Times, the Korean mobile phone carrier said Sunday that it has joined hands with global partners in the United States, Taiwan and Japan to offer its subscribers a payment service at the same time. foreign based on blockchain technology.
Trial service It will start next year and it is expected that it will use the cross-carrier payment system (CCPS), which is a cross-carrier blockchain platform largely intended for the modern sector FinTech.
Once available, the benefits of the platform can also be used by subscribers of other telecommunications operators. They can also make cross-border purchases using the platform once released.
This would be the first time that a Korean mobile operator has offered such an advanced level service to its subscribers. The Seoul-based company has signed a Memorandum of Understanding (MoU) with Far EasTone Telecommunications based in Taiwan and SoftBank based in Japan on Thursday for the new service.
The platform blockchain platform on which the system would be built would be provided by TBCASoft based in the United States.
At the time of launch, LG U + subscribers would be able to make purchases at selected retailers using only their mobile phones when they travel to Japan and Taiwan. Far EasTone subscribers, on the other hand, may enjoy similar convenience when traveling in Japan and Korea.
The service allows transactions to be paid and invoiced through direct billing with the operator, which allows users to know how much they need to pay and then pay their national currency. It would also help users avoid commissions on credit card transactions abroad. Furthermore, CCPS provides a rapid regulation mechanism in cross-carrier services that reduces the risks associated with foreign exchange rate fluctuations
SoftBank, TBCASoft and Far EasTone are some of the founding members of the Carrier Blockchain Study Group (CBSG) which is a global blockchain consortium of telephone companies. It was launched in September 2017 with the aim of allowing the joint development of an innovative blockchain platform built specifically for telecommunications carriers.
The director of the LG U + mobile service unit, Joo Young-joon said:
"Customers have the advantage of a payment system abroad based on convenient blockchain technology, In addition to the payment solution abroad, LG Uplus will continue to develop new business opportunities with CBSG blockchains and global telecommunications leaders. "
Ling Wu, founder and CEO of TBCASoft, and co-chairman of the CBSG Consortium, said:
"As the CBSG Consortium grows faster than expected, we are entering a new phase of real-world testing that demonstrates the commercial readiness of the TBCASoft blockchain platform."
He said that this cross-carrier payment system is the first in a series of blockchain-based systems. Subsequently, he added that the next list is authentication and identity.
Read also: Ripple announces that Counting Crows and Bill Clinton will nominate Swell 2018
Ripple recently spoke about the adoption of RippleNet in Japan on Ripple Insights:
"Numerous banks and suppliers at the forefront use RippleNet's global payments network to provide workers with an immediate, cost-effective and transparent way to send money to their families – one example is the collaboration between SBI Remit and Siam Commercial Bank (SCB) using RippleNet for the 39. Provision of real-time remittance payments for Thai workers living in Japan. "
Also spoke of the messenger API created for the product: " The RippleNet messaging API it also allows SBI Remit and SCB to exchange information on customers, rates, rates and expected delivery times for unprecedented visibility in a transaction, which allows workers and their families to know the costs and the amount of final delivery and the times before money is ever sent. "
Follow us on Telegram and Twitter Subscribe to our newsletter!
Please follow and we like: