Softbank to launch blockchain based cross-carrier payment service on mobile

Softbank Completes Blockchain PoC for Cross-Carrier Mobile Payments

SoftBank initiative aims to blockchainify mobile payments across the globe

According to the release, the mobile payment service is based on the Rich Communication Services (RCS) global messaging standard and backed by TBCASoft's blockchain solution.

The three companies report they 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.

The three companies will present their results at the Mobile World Congress Americas conference, which is taking place from September 12 to 14 in Los Angeles. (SNCR), an American firm that provides secure, white label, mobile cloud, RCS messaging and digital solutions, and TBCASoft Inc., a US -based blockchain startup.

Softbank explains that using a distributed network, users can send funds stored in their digital wallets in the RCS system from one carrier to another in a fashion similar to peer-to-peer transactions, a useful feature to have, especially when traveling. For example, a user of the platform who lives in America and travels to India will reportedly be able to make a purchase in rupees via the RCS global messaging service that is supported by SoftBank and Synchronoss.

A year ago, SoftBank formed a global consortium called the Carrier Blockchain Study Group (CBSG) with TBCASoft and several global major carriers like USA -based carrier Sprint and Taiwan-based FarEasTone.

Japan-based telecom and internet company SoftBank Corp together with Synchronoss Technologies Inc and TBCASoft Inc has completed a proof-of-concept (POC) project of cross-carrier mobile payment services.

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SoftBank Corp., a subsidiary of SoftBank Group Corp.

Takeshi Fukuizumi, Vice President of Softbank, said that the RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver.

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

"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers". Here, the role played by Synchronoss is providing a platform that support communications in multi channels that ends up combining email, RCS and text messages.

Synchronoss president and CEO, Glenn Lurie, said that the PoC will "disrupt the current messaging and payments market" as well as create ample opportunities for customers, brands and businesses alike. TBCASoft is located in Sunnyvale, California, the center of Silicon Valley.

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