A New Era For Mobile Payments

Softbank Completes First Blockchain Test For Cross Carrier Mobile Payments Platform

(SNCR), a global leader and. The announcement about this development has been made on 12th September through a press release.

The system is based on TBCASoft's Rich Communication Services (RCS) global messaging standard already in operation in Japan.

Japanese telecoms giant Softbank Corp. has completed a blockchain proof-of-concept (PoC) that allows P2P mobile payments across different carriers.

"The three companies have successfully completed a mobile payments service PoC that is created to allow users to make a range of in-store, mobile and digital purchases directly from their device". For example, Japan-based users can travel to the U.S. and make payments with dollars during their stay there. In addition to that the RCD messaging standard will also be used to do transactions.

The payment service dubbed, Cross-Carrier Payment Service (CCPS) blockchain API enables the users to receive person-to-person money through the RCS app in either currency, according to a statement released by the company.

Commenting on the innovative payment service app, the vice president of Softbank Corp "Takeshi Fukuizumi" said that the app would empower the merchants to transact in digital money in a way similar to the one that has for always been enjoyed by the big brands.

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.

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The firms also claim that users will be able to use the platform to spend and transfer cryptocurrency anywhere in the world using their mobile devices.

Meanwhile, Sychronoss' CEO was optimistic that RCS messaging will be the new backbone of the marketplace for merchants and brands.

RCS, a global messaging standard, can be understood as the next generation of text messaging, as TechCrunch explains.

"Increasing numbers of Communication Service Providers (CSPs) are turning to blockchain technology to support a growing range of new features and services - including secured clearing and settlement, personal authentication, and IoT applications", said Ling Wu, Founder and CEO of TBCASoft.

"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". The platform is now being demonstrated at the Mobile Web Congress Americas conference that is taking place in Los Angeles, California, between September 12 and 14.

The group's effort comes a year after the three firms, along with several major global carriers, formed a Blockchain Study Group.

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

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