By Technology companies are now trialing a global payment prototype using a blockchain platform. Among these companies are SoftBank, which is Uber’s main shareholder.
SoftBank Corporation is a Japanese based telecom carrier. Synchronoss Technologies, Inc., an IoT and messaging provider, has now partnered with SoftBank Corp and TBCASoft Inc. on a cross-carrier payment service (CCPS). TBCASoft Inc. is a blockchain technology provider. The idea is that the trio will use TBCASoft’s blockchain platform and the Rich Communication Services (RCS), global messaging standard to deliver the cross-carrier payment services.
TBCASoft and SoftBank have collaborated under the Carrier Blockchain Study Group. This occurred whilst Synchronoss Technologies Inc.s’ platform, which covers email, SMS and RCS, launched earlier this year.
The birth of a mobile Proof of Payment Concept
The three companies have created a mobile proof of payment concept (PoC). This enables users to complete purchases using their mobile devices or by going into a shop. The idea is that a customer could travel from Japan to the U.S and make a purchase in dollars via RCS, which is enabled by Synchronoss Tech. and SoftBank. In addition, transactions could be made using the RCS global messaging standard.
The CCPS blockchain technology API permits a recipient to utilize the legacy messaging services. The messaging services include mobile email or SMS to receive P2P money transfers, via the RCS app. This can be used in the same country or abroad.
In a prepared statement delivered by Takeshi Fukuizumi, vice president of Softbank Corp., he reported that “this RCS and blockchain based mobile payments PoC demonstrates the value operator-led services can deliver.” He continued by saying that, “not only do we foresee our new mobile payment service empowering merchants to operate digitally, and 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.”
RCS Messaging – disruptive in the contemporary messaging and payments market
Glenn Lurie, Synchronoss’s CEO, and president contributed to Fukuizimi’s statement by adding in, that RCS messaging will become the foundation for a feature-rich marketplace for brands and merchants to interact with subscribers. Lurie said that “our PoC demonstrates how SoftBank is at the forefront in bringing to market new cutting-edge technology through the use of blockchain as well as new RCS-based mobile services, which will disrupt the current messaging and payments market, creating new opportunities for customers, brands, and businesses – and which will also drive incremental revenue for operators from messaging.”
It has been noted by Ling Wu, the founder, and CEO of TBCASoft, that more communication service providers are looking to blockchain technology for novel features and services, such as that of secured clearing and settlement, personal authentication and IoT applications.
Wu reported that “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”. Wu continued by saying that “the success of this PoC proves that our cross-carrier blockchain platform can help CSPs leverage common standards like RCS to deliver disruptive services to their customers.”
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