A New Era For Mobile Payments

Remigio Civitarese
Settembre 14, 2018

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. Synchronoss is the creator of a multi-channel communications platform covering SMS, email, and RCS. The platform allows users to complete purchases in-store, on mobile and digitally, including in local currencies, with global compatibility across carriers. For instance, a Japanese client of a mobile carrier can travel to the USA and make a purchase in United States dollars based on the RCS system provided by SoftBank and Synchronoss, the companies explained.

Developed in partnership with Synchronoss and TBCASoft, the platform allows for payments to be sent peer-to-peer across different mobile carriers, in a process similar to sending a standard text message.

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.

Takeshi Fukuizumi, the vice president of Softbank has opined that the upcoming service will enable the merchants to function "at a scale that was previously only available to big brands".

"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", added Ling Wu, founder and CEO of TBCASoft.

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 group's effort comes a year after the three firms, along with several major global carriers, formed a Blockchain Study Group.

Users of the new blockchain platform will not have to change their money at a bank when traveling internationally. Leveraging the innovative technologies of other SoftBank Group companies, SoftBank Corp.is also expanding into AI, smart robotics, IoT, FinTech, cloud security and other business sectors.

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

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

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.

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