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Softbank Develops Blockchain Technology For P2P Mobile Payments

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Japan's telecom carrier SoftBank Corp. announced that a blockchain proof-of-concept (PoC) that allows a new cross-carrier mobile payments service has been developed.

The technology was developed in partnership with Synchronoss Technologies Inc. (NASDAQ: SNCR) and blockchain technology developer TBCASoft Inc. based on the Rich Communication Services (RCS) global messaging standard and TBCASoft's cross-carrier blockchain platform.

Cross-Carrier Payment Service (CCPS) facilitates global mobile payment services among telecommunication carriers.

Users can make a range of in-store, mobile and digital purchases directly from their device. 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. The RCS global messaging standard can also be conveniently used to send a payment.

The flexibility of the CCPS blockchain API enables the recipient to use an RCS-based messaging app, SMS or mobile email, to receive person-to-person (P2P) money transfers through the RCS wallet app either in the same country or overseas.

Commenting on the announcement, Takeshi Fukuizumi, Vice President of Softbank Corp, said "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 traveling habits."

"Increasing numbers of Communication Service Providers are turning to blockchain technology to support a growing range of new features and services - including secured clearing and settlement, personal authentication, and IoT applications," said Ling Wu, Founder and CEO of TBCASoft.

by Joji XavierRTTNews Staff Writer

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