Korean LGU+ Unveiled New Service Blockchain-Based Cross-Carrier Overseas Payment System

Korean Times reports Today, September 16, recently a blockchain-based cross-carrier overseas payment system is going to be launched by South Korea’s mobile carrier LG UPlus owned by the countries fourth largest conglomerate LG crop.

According to the news outlet, September 13, LG Uplus had signed an Mou alongside three global partners : Taiwan -based Far Eas Tone Telecommunications, Japan’s SoftBank, and U.S.- based TBCASoft to develop the new service. For the new service, one telecoms carrier subscriber will be able to complete transactions on the payment networks of another without any friction.

The first trial of the LG Uplus partners blockchain-based cross-carrier payment system (CCPS) is slated for the starting of 2019, Korean Times reports.

For a quick settlement mechanism in cross-carrier services, CCPS will reportedly deploy blockchain through which the users can avoid fees on overseas credit card transactions, and as they are ultimately billed through their carrier in their home currency, they are insulated from the influences of fluctuating foreign exchange rates.

For example, through this service, Korean LG Uplus users will be able to purchase retail goods when using their cellphones in Taiwan and Japan, while Far Eas Tone subscribers from Taiwan will have the same service in Korea and Japan.

The founder and CEO of TBCASoft, Ling Wu told that CCPS is the initial in a planned series of telecoms-specific blockchain-based solutions, noting that systems designed for ” identity and authentification” are next, Korean Times publishes.

TBCASoft, Far Eas Tone, and SoftBank are all along the early founding members of the Carrier Bolckchain Study Group (CBSG) which is a global blockchain consortium of telecom carriers that launched in late 2017. However, Prior to that, this summer, CSBG has recently added six major telecoms firms to its ranksĀ  while revealing the creation of a new blockchain working group focusing global remittance services.

Moreover, to permit subscribers to conduct peer-to-peer money transfers globally through legacy messaging services like SMS and email, in partnership with Synchronoss Technologies and TBCASoft to use CCPS a new proof-of-concept (PoC) was revealed by SoftBank just last week.

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