LG UPlus from South Korea, a mobile operator belonging to the fourth largest conglomerate of LG Corp., launches a cross-platform payment service based on Blockchain.
Last Thursday, September 13, LG UPlus signed a memorandum of understanding on the development of a new service along with three global partners: the Taiwanese company Far EasTone Telecommunications, Japanese SoftBank and TBCASoft based in the US. Thanks to the new service, users of one telecom operator will be able to make transactions in the payment networks of another without loss.
According to the source, the first test of the cross-transaction system for partners LG UPlus based on Blockchain (CCPS) is scheduled for early 2019.
It is reported that CCPS uses Blockchain technology to provide a mechanism for rapid settlement in services. This will mean that users can avoid fees for transactions with foreign credit cards and will be isolated from the effects of currency fluctuations, as they are ultimately paid through their interpreter in their national currency.
For example, the service will allow LG UPlus subscribers to purchase retail goods using their mobile phones in Taiwan and Japan, while users of Far EasTone from Taiwan will enjoy the same convenience in Korea and Japan.
Ling Wu, Founder and CEO of TBCASoft, said that a cross-transaction payment system is the first in a planned series based on Blockchain, noting that the following systems will be designed for “authentication and authentication.”
Last week, Softbank introduced a new concept (PoC) in partnership with Synchronoss Technologies and TBCASoft so that users could conduct peer-to-peer money transfers globally using legacy messaging services such as SMS and e-mail.