Softbank builds blockchain platform enabling global payments on mobiles

Softbank Completes Blockchain PoC for Cross-Carrier Mobile Payments

SoftBank initiative aims to blockchainify mobile payments across the globe

Japan's telecom group SoftBank, along with software company Synchronoss Technologies (SNCR) and blockchain-oriented firm TBCASoft, successfully completed a Proof of Concept (PoC) trial for a new cross-carrier mobile payments solution that relies on the Rich Communications Services (RCS) messaging protocol and TBCASoft's cross-carrier blockchain platform.

SoftBank has joined hands with Synchronoss Technologies Inc. It has experience in cross-carrier blockchain systems, which allows users to send and receive payments with their mobile phones regardless of their carrier.

Users of the new blockchain platform will not have to change their money at a bank when traveling internationally.

Use of RCS services with underlying blockchain technology can revolutionize the working of mobile payments. Through the PoC, the three partner firms companies have successfully completed a prototype for a mobile payments service that is created to allow users to make a range of in-store, mobile and digital purchases directly from their handheld device.

According to the official release, Synchronoss has launched a rich and secure multi-channel communications platform in Japan earlier this year, which covers SMS, email and RCS.

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

The announcement states that the partners jointly developed the blockchain-based PoC, which is integrated with RCS, using a distributed network deployed across several mobile carriers. The service will facilitate the users to carry out peer to peer worldwide transfer of money. The two companies have built a cross-carrier blockchain system known as Cross-Carrier Payment Service (CCPS), which accelerates global mobile payments among telecom carriers.

The most important feature of introducing this wallet is to send funds from one person to another person who is travelling overseas or while they go elsewhere. The messaging app can either be triggered by mobile email or SMS, while payments can be sent locally or overseas.

Meanwhile, Sychronoss' CEO was optimistic that RCS messaging will be the new backbone of the marketplace for merchants and brands.

TBCASoft has been working with SoftBank, under the Carrier Blockchain Study Group (CBSG) Consortium, to deliver a cross-carrier blockchain platform called CCPS (Cross-Carrier Payment Service), which is created to support global mobile payment services among operators.

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.

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