SoftBank to Launch a Cross-Carrier Mobile Payments Service Based on Blockchain and RCS

Mobile based Blockchain Payments

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Uber’s largest shareholder Softbank is planning to launch a blockchain powered cross-carrier mobile payment platform. SoftBank announced that it has partnered with TBCASoft and Synchronoss Technologies which is a specialist in Blockchain technology, Internet of Things, messaging and even provider of the cloud. This new platform will enable users to do peer-to-peer money transfers all over the world. Through the platform, people will also be able to carry out direct purchases through the Rich Communications Service (RCS) wallet which is an app being developed by Softbank or even though email.

The three companies have already completed the first phase of the platform. Through this Blockchain platform, people will be able to travel to other countries and make purchases in those countries in fiat currencies without having to convert currencies. In addition to that the RCD messaging standard will also be used to do transactions. The beauty about the entire platform is that the CCPS blockchain, REC messaging app, as well as linked emails, are interlinked to enable the P2P money transfers.

During the announcement Glenn Lurie the CEO of Synchronoss noted that:

“Our PoC demonstrates how SoftBank is at the forefront in bringing to market new cutting-edge technology through the use of blockchain as well as new RCS-based mobile services, which will disrupt the current messaging and payments market, creating new opportunities for customers, brands, and businesses – and which will also drive incremental revenue for operators from messaging. RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers. With our expertise and global reach across multiple messaging.”

Takeshi Fukuizumi the vice president of Softbank added that:

“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 traveling habits.”

In conclusion, Ling Wu the CEO of RBCASoft noted that:

“In today’s digital economy, blockchain lets CSPs create new services and then extend them globally, beyond their established territories and markets, in a way that’s efficient and secure. The success of this PoC proves that our Cross-Carrier Blockchain Platform can help CSPs leverage common standards like RCS to deliver disruptive services to their customers.”

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