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SoftBank initiative aims to blockchainify mobile payments across the globe

14 September 2018

SoftBank has joined hands with Synchronoss Technologies Inc. The messaging system makes easy to send payments and - in turn - for recipients to receive person-to-person (P2P) money transfers through the app-which is especially useful for those traveling overseas.

Developed in partnership with a Californian blockchain technology startup TBCASoft and a multi-channel transaction management solutions provider Synchronoss, the service will let users to conduct in-store and digital purchases via mobile devices.

SoftBank Corp is a Japanese telecom carrier firm.

The payments platform integrates RCS technology as well as blockchain for processing the payments, with the proof of concept already hailed a success by the firms involved. The three partners are working on a pilot project for the new mobile payment platform.

TBCASoft is a USA -based company developing innovative blockchain technology specifically for telecommunication carriers. 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. The system also supports the use of application programming interfaces (APIs) that enable the payment recipient to use an RCS-based messaging app or even the traditional SMS or email, to receive P2P money transfers through the RCS wallet app either in the same country or overseas.

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

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 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. The messaging app can either be triggered by mobile email or SMS, while payments can be sent locally or overseas.

"This RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver", Takeshi Fukuizumi, vice president of SoftBank, said in the release.

"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers".

Fukuizumi added the company hopes that the new mobile payment service will give its customers more opportunities when it comes to their spending and traveling habits.

SoftBank initiative aims to blockchainify mobile payments across the globe