Japan’s Softbank partners on new cross-carrier mobile payment service on blockchain
Softbank, announced on Wednesday it has partnered on a proof-of-concept (PoC) for a new mobile payments service on the blockchain that allows customers to make purchases overseas directly from their device.
The Japanese telecom carrier linked up with Synchronoss Technologies developer of cloud, messaging, digital and Internet of Things (IoT) products, and TBCASoft, a cross-carrier blockchain platform technology provider, on a PoC for a new cross-carrier mobile payments service it said in a release.
The new mobile payment services will allow users to make in-store, mobile or digital purchases directly from their device wherever they are globally. It will be based on the Rich Communication Services (RCS) global messaging standard and TBCASoft’s cross-carrier blockchain platform.
Have mobile, will travel
Using the latest blockchain technology to add new features to RCS-based mobile services is expected to disrupt the current messaging and payments market for brands and merchants, building revenue for operators from messaging.
The new mobile payment service anticipates an even greater flexibility for users to make purchases and receive payments.
Mobile customers, for example, based in Japan travelling to the US will be able to make a purchase in dollars using the RCS supported by SoftBank and Synchronoss. The cross carrier blockchain will also enable recipints to use an RCS based messaging app or SMS or email on your mobile to receive person-to-person money transfer through a wallet app in the same country or overseas.
Takeshi Fukuizumi, vice president of Softbank said in a statement: “This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver. Not only do we foresee our new mobile payment service empowering merchants to operate digitally, and at a scale that was previously only available to big brands, but it will also give our customers more flexibility when it comes to their purchasing and travelling habits.”