Softbank Completes Blockchain PoC for Cross-Carrier Mobile Payments

Softbank Completes Blockchain PoC for Cross-Carrier Mobile Payments

SoftBank initiative aims to blockchainify mobile payments across the globe

"The three companies have successfully completed a mobile payments service PoC that is created to allow users to make a range of in-store, mobile and digital purchases directly from their device".

Softbank has stated that this new upcoming project envisions to provide an impetus to payment services in mobile devices among the global telecoms carriers. The platform is now being demonstrated at the Mobile Web Congress Americas conference that is taking place in Los Angeles, California, between September 12 and 14.

Softbank further explained that, with a distribute network as a underlying technology, users can send funds stored in their wallets within the RCS system from one carrier to another in a peer-to-peer fashion - which would be especially useful when traveling overseas. For example, a mobile customer based in Japan can travel to the US and make a purchase in dollars via RCS which is supported by SoftBank and Synchronoss.

This project came to light after a year Softbank, TBCASoft and a few worldwide significant bearers started a Carrier Blockchain Study Group with the objective of building up a cross-transporter blockchain payments benefit.

Telecom firm and Uber shareholder Softbank, IoT company Synchronoss Technologies and blockchain provider TBASoft are teaming up for a new cross-carrier payment service (CCPS) using Rich Communication Services' (RCS) global messaging standard.

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. "With our expertise and global reach across multiple messaging platforms - not only RCS but also email, IM, MMS and SMS, Synchronoss is ideally positioned to take advantage of this important new trend in mobile".

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"This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver", Takeshi Fukuizumi, vice president of SoftBank, said in the release.

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.

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

The former provides services on Internet of Things [IoT], messaging, cloud and is a digital platform, as well. It is utilized for worldwide mobile payment services across global telecommunications carriers.

Synchronoss President and CEO Glenn Lurie said the proof-of-concept demonstrated technology that was poised to disrupt the messaging and payments markets. TBCASoft is located in Sunnyvale, California, the center of Silicon Valley.

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