Tech

Japanese Telecoms Firm Builds A Blockchain For Cross-Carrier Mobile Payments

Japanese Telecoms Firm Builds A Blockchain For Cross-Carrier Mobile Payments

Japanese telecoms giant Softbank Corp. has completed a blockchain proof-of-concept (PoC) that allows P2P mobile payments across different carriers.

This technology is developed in partnership with the blockchain startup TBCASoft, Synchronoss, RCS or Rich Communication service of Japan. The service will will enable users to conduct peer-to-peer money transfers globally, as well as to carry out internal purchases directly from their device via the RCS wallet application, or a legacy messaging service like SMS or email. The platform allows users to complete purchases in-store, on mobile and digitally, including in local currencies, with global compatibility across carriers. The post explained that a mobile customer in Japan can travel to the United States and buy dollars via RCS which is supported by SoftBank and Synchronoss. It has experience in cross-carrier blockchain systems, which allows users to send and receive payments with their mobile phones regardless of their carrier.

The platform supports the use of blockchain APIs that lets payment recipients to use an RCS-based messaging app or traditional SMS and mobile email services to get money transfers via the RCS wallet app in the same country or overseas.

SoftBank's Vice President, Takeshi Fukuizumi feels that the pilot project shows the value that operator-led services can offer.

SoftBank, Synchronoss and TBCASoft will demonstrate this successful mobile payments service PoC at the Mobile World Congress Americas conference, which takes place from September 12 through 14 in Los Angeles, CA.

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Ling Wu, TBCASoft CEO mentioned in a statement that, "A large number of Communication Service Providers (CSPs) are adopting the blockchain technology to add new features and services to their portfolio".

The upcoming mobile payment service will be based on the Rich Communication Services (RCS) global messaging standard and TBCASoft's cross-carrier blockchain platform.

The group's effort comes a year after the three firms, along with several major global carriers, formed a Blockchain Study Group. It is utilized for worldwide mobile payment services across global telecommunications carriers.

Synchronoss (NASDAQ:SNCR) transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products and platforms supporting hundreds of millions of subscribers across the globe. However, Glenn Lurie, the president and CEO of Synchronoss has stated that the new mobile service based on blockchain technology will "disrupt the current messaging and payments market".