Thursday, 20 September, 2018

SoftBank Corp Reveals It Is Creating A Mobile Payments Service

Softbank Completes Blockchain PoC for Cross-Carrier Mobile Payments SoftBank initiative aims to blockchainify mobile payments across the globe
Cecil Davis | 14 September, 2018, 20:49

The new payment service will enable users to transact through the mobile devices.

This technology is developed in partnership with the blockchain startup TBCASoft, Synchronoss, RCS or Rich Communication service of Japan.

RCS, a global messaging standard, can be understood as the next generation of text messaging, as TechCrunch explains. The platform allows users to complete purchases in-store, on mobile and digitally, including in local currencies, with global compatibility across carriers.

"This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver", Takeshi Fukuizumi, vice president of Softbank Corp., said in his statement. They have been working together to deliver a cross-carrier blockchain platform called Cross-Carrier Payment Service (CCPS), which facilitates global mobile payment services among global telecommunication carriers.

"A mobile customer based in Japan, for example, can travel to the United States of America and make a purchase in dollars via RCS which is supported by SoftBank and Synchronoss", explained in the press release. The goal of the group is to develop Cross-Carrier Payment Service (CCPS), a cross-carrier blockchain payments solution that was implemented through the PoC. The newly developed payment services app is being demonstrated at the Mobile World Congress Americas conference in Los Angeles from September 12 to 14.

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The payments platform integrates RCS technology as well as blockchain for processing the payments, with the proof of concept already hailed a success by the firms involved.

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.

While commenting on the P2P payment PoC, Ling Wu the Founder and CEO of TBCASoft noted that a large number of Communication Service Providers (CSPs) are turning to blockchain technology to support a growing range of new features and services such as secured clearing and settlement, personal authentication, and IoT applications.

SoftBank Corp is a Japanese telecom carrier firm. In association with blockchain, it planned to build this RCS among mobile carriers. Sychronoss Technologies is an worldwide creator of cloud, digital, IoT, and messaging products.

According to Synchronoss CEO and president Glenn Lurie, the upcoming blockchain-powered RCS mobile service will disrupt the current messaging and payments market. TBCASoft is located in Sunnyvale, California, the center of Silicon Valley.