Published: Fri, September 14, 2018
Electronics | By Kelly Massey

Japanese SoftBank Announces Future Blockchain-Based Mobile Payment Service

Japanese SoftBank Announces Future Blockchain-Based Mobile Payment Service

The offering is based on the Rich Communication Services (RCS) global messaging standard and utilizes TBCASoft's cross-carrier blockchain platform.

SoftBank has joined hands with Synchronoss Technologies Inc. Another way of payments is using the RCS global messaging standard.

"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", notes a press release issued by Softbank Corp.

SoftBank Corp., a subsidiary of SoftBank Group Corp. (SNCR), an American firm that provides secure, white label, mobile cloud, RCS messaging and digital solutions, and TBCASoft Inc., a US -based blockchain startup.

Rich Communication Services (RCS) is a communication protocol between multiple mobile carriers and between the phone and carrier.

Japanese tech giant SoftBank is developing a blockchain-powered cross-carrier mobile payments service, the company reported in an official press release published September 12th.

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Use of RCS services with underlying blockchain technology can revolutionize the working of mobile payments.

Softbank additionally clarified that, with a distributed network as a fundamental innovation, clients can send funds stored in their wallets inside the RCS agenda starting with one transporter then onto the next in a shared manner - which would be particularly valuable when traveling overseas.

The CCPS blockchain API enables a recipient to use legacy messaging services such as mobile email or SMS for receiving P2P money transfers via the RCS app, whether in the same country or from overseas.

The announcement comes just a year after Softbank set up the Carrier Blockchain Study Group, a project established to look at technologies for facilitating payments across carriers on the blockchain. The messaging app can either be triggered by mobile email or SMS, while payments can be sent locally or overseas.

TBCASoft has been working with SoftBank, under the Carrier Blockchain Study Group (CBSG) Consortium, to deliver a cross-carrier blockchain platform called CCPS (Cross-Carrier Payment Service), which is created to support global mobile payment services among operators.

Meanwhile, Sychronoss' CEO was optimistic that RCS messaging will be the new backbone of the marketplace for merchants and brands. "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", Takeshi Fukuizumi, Vice President of Softbank Corp. said.

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