Japanese SoftBank Announces Future Blockchain-Based Mobile Payment Service

Japanese SoftBank Announces Future Blockchain-Based Mobile Payment Service

Japan-based telecom and internet company SoftBank Corp together with Synchronoss Technologies Inc and TBCASoft Inc has completed a proof-of-concept (POC) project of cross-carrier mobile payment services.

The new payment service will enable users to transact through the mobile devices. The newly developed cross-carrier mobile payment service supports multiple currencies which means travelers can make purchases with the app without exchanging the currency. It is one of its kinds of payment services platform which is based on the Rich Communication Services (RCS) and TBCASoft’s cross-carrier blockchain platform.

The payment service dubbed, Cross-Carrier Payment Service (CCPS) blockchain API enables the users to receive person-to-person money through the RCS app in either currency, according to a statement released by the company. The newly developed payment services app is being demonstrated at the Mobile World Congress Americas conference in Los Angeles from September 12 to 14.

Commenting on the innovative payment service app, the vice president of Softbank Corp “Takeshi Fukuizumi” said that the app would empower the merchants to transact in digital money in a way similar to the one that has for long been enjoyed by the big brands. The app would also make it convenient for individuals to make purchases, said Fukuizumi.

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”. Appraising the scope of blockchain technology, Ling further said that the blockchain has allowed the CSPs to expand their horizon globally.

The successful completion of PoC has proved that the CSPs can actually take the advantage of the standards like RCS, according to Wu. TBCASoft deals in the development of blockchain technology especially for the telecommunication carriers. It has developed blockchain in partnership with various companies including LG, SoftBank, Viettel, and UPlus etc.

The newly developed payment method CCPS is designed to allow multi-currency payment facility across the devices. The CCPS once introduced will allow travelers and merchants to transact across the globe without worrying about the currency value.

This is not for the first time when SoftBank has come up with a CCPS like system. The company has explored blockchain in the past as well. In late 2017, the company announced a blockchain technology-based system for storing personal financial information in collaboration with Sivira which is an Osaka-based blockchain startup. The aim behind creating the blockchain system was to enable lenders to maintain a data of borrowers. Now the company is likely to introduce a new blockchain-backed personal information ledger in early 2019.

Blockchain technology is revolutionizing the way businesses conduct. It seems like the technology will empower the personal life data as well with many using it to maintain a record of their personal expenses, medical record and more. The CCPS is one of the innovations that is about to change how people transact money, making purchases and enjoying while traveling. The company has not revealed the actual release date for CCPS for the public in general and its plans to promote the CCPS system globally.