Japanese Telecoms Heavyweight, SoftBank is collaborating with Synchronoss Technologies, an IoT and Cloud computing firm, and TBCASoft, a blockchain technology firm, to create a Proof of Concept (PoC) for a cross-platform mobile payments system based on Rich Communication Services (RCS) and distributed ledger technology (DLT), according to a news release by SoftBank on September 12, 2018.
Softbank’s Blockchain Foray
As stated in the press release, the three firms have come up with a Proof of Concept that would make it possible for mobile phone users to make ‘in-store, mobile and digital’ purchases straight from their devices.
The team claims the system is based on the Rich Communication Services (RCS) protocol and blockchain technology, allowing Japanese residents to make payments from anywhere they may travel to around the globe, seamlessly.
The Cross-carrier Payment Service (CCPS) blockchain API that comes with the system, also makes it easy for users to carry out peer-to-peer (P2P) money transfers either locally or internationally, using the RCS-based messaging app, SMS or email on the RCS app.
The Vice President of SoftBank Corp., Takeshi Fukuizumi reiterated that the RCS and DLT-powered mobile payments system goes a long way to show the excellent value ‘operator-led services’ can offer customers. He also stated that:
“Not only do we foresee our new mobile payment service empowering merchants to digitize their work 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.”
Glenn Lurie, the CEO of Synchronoss Technologies, a leading United States-based company focused on developing secure, white label mobile cloud, RCS messaging, IoT and digital solutions, stated that:
“RCS messaging will become the foundation for a new, feature-rich marketplace for brands and stakeholder, both large and small, to communicate with customers.”
He further added that the expertise and global reach of the firm across an array of messaging platforms like email, IM, MMS, and SMS, would allow the firm take advantage of the new trend in mobile technology.
Blockchain Technology to Solve the World’s Payments Problems
Distributed ledger technology has proven it has all it takes to revolutionize the global payments system and forward-thinking nations, businesses and highly reputed financial institutions are integrating DLT into their operations, for optimum productivity.
On September 2, 2018, Blockchain Reporter informed that China’s largest Insurance firm, the People’s Insurance Company of China (PICC), partnered with VeChain (VEN) DLT project and DNV GL, to marry insurance with blockchain technology.
